P.R. Laws tit. 12, § 1254
A corporate and politic body which constitutes a public corporation and instrumentality of the Commonwealth of Puerto Rico is hereby created and which shall be known as the Puerto Rico Industrial and Environmental Pollution Control Facilities Financing Authority. The governing body of the Authority shall be the Board, which shall consist of the following members: the Administrator of the Industrial Development Company, the President of the Government Development Bank for Puerto Rico, the Executive Director of the Environmental Quality Board, the Executive Director of the Puerto Rico Infrastructure Financing Authority, the Executive Director of the Puerto Rico Tourist Company, or their designated representatives, who must have capacity, knowledge, and decisional power to effectively represent the executive public servant that they substitute. Those shall respond directly to the agency chief, who in turn, shall be responsible for the determinations that are made by the Board. Additionally, two (2) private citizens appointed by the Governor for a term of four (4) years shall form part of the Board.
Members of the Board who are private citizens shall be eligible for reappointment and may be removed from office by the Governor for negligence in the performance of their duties, immoral conduct or for any other fair consideration, after due notice and hearing.
Before assuming their duties, each member of the Board appointed by the Governor shall swear under oath, that he will perform the duties of his position faithfully and impartially. A copy of said oath shall be filed in the offices of the Secretary of State. The Governor shall designate one of the seven (7) members of the Board of Directors of the Authority as Chairman thereof. The Chairman of the Board shall hold office until his tenure as a member of the Board of Directors of the Authority expires, or until he/she resigns as Chairman. The Board shall elect a vice president from among its members, annually. The Board of Directors shall also elect or appoint any other official it deems necessary or advisable, including an Executive Director and a Secretary of the Authority, and shall prescribe the duties and fix the compensation of said officials.
The members of the Board of Directors of the Authority shall receive no compensation whatsoever for their services as such. The Authority shall reimburse them for necessary expenses incurred in the performance of their duties. In addition, the members of the Board who are private citizens shall be entitled to receive per diems pursuant to the established regulations of the Department of the Treasury and notwithstanding the above provisions, they shall also receive such additional compensation as the Board may determine.
The Executive Director shall administer and direct the affairs and business of the Authority, subject to the policies, control and direction of the Board of Directors. He shall be appointed by the Board and shall hold office at the latter’s will. The Secretary of the Authority shall keep the record of the proceedings and actions of the Board of Directors and shall be the custodian of all books, documents and papers filed with the Authority, the minute book of the Board of Directors and the official seal of the Authority. He shall be empowered to direct that copies of the minutes and other records of the Board of Directors of the Authority be made and to certify under the official seal of the Authority that such copies are true and exact copies. All persons doing business with the Authority may rely upon such certificates.
Four members of the Board of Directors shall constitute a quorum and the affirmative vote of at least four members shall be needed for any action the Board may take, except to adjourn the session. No vacancy in the membership of the Board shall prevent it from exercising all its rights and performing all its duties, once there is a quorum.
History —June 27, 1977, No. 121, p. 310, § 4; June 12, 1978, No. 48, p. 152, § 4; July 12, 1985, No. 102, p. 335, § 5; July 28, 1988, No. 139, p. 579, § 5; Sept. 10, 1993, No. 79, § 3; Aug. 11, 1994, No. 61, § 1; Dec. 10, 1999, No. 333, § 1; Jan. 4, 2003, No. 68, § 1.