P.R. Laws tit. 21, § 684
(a) There is hereby created and established a body corporate and politic constituting a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico, by the name of “Puerto Rico Municipal Finance Agency”. The Agency is constituted as an instrumentality of the Commonwealth of Puerto Rico to exercise public and essential governmental functions, and the performance by the Agency of the powers granted hereby shall be considered and construed as an essential function of the Government of the Commonwealth of Puerto Rico.
(b) The Agency shall be directed by a Board of Directors composed by the Commissioner of Municipal Affairs, the President of the Government Development Bank for Puerto Rico, and three (3) additional members appointed by the Governor, one (1) of whom shall be either the mayor or a chief financial officer of a municipality. The Commissioner of Municipal Affairs, the President of the Government Development Bank and the municipal official appointed by the Governor shall be members of the Agency during the term of their incumbency in the office. The remaining two (2) members shall also be appointed by the Governor for a period of five (5) years, except that the first appointments shall be for terms of three (3) and four (4) years. The Governor must determine which of the member is appointed for a term of three (3) years, and which for a term of four (4) years. The appointed members shall hold office until their successors are appointed and take office. Any vacancy among the members of the Board, other than for the expiration of their term, shall be filled in the same way as the original appointment, but only for the unexpired term of the vacancy. The members of the Board shall receive no compensation for their services as such, but they shall be reimbursed by the Agency for necessary expenses incurred in the performance of their duties.
The powers of the Agency shall be exercised by the Board pursuant to the provisions of this section. Three (3) members of the Board shall constitute a quorum. No vacancy among the members of the Board shall invalidate the right of the quorum to exercise all the powers and perform all the duties of the Agency.
(c) The President of the Government Development Bank for Puerto Rico shall be the Chairman of the Board and President of the Agency. If there were a vacancy in the office of the Commissioner of Municipal Affairs or President of the Government Development Bank or if either of said officers is prevented from discharging his obligations as a member of the Board, whether by absence from the Commonwealth, illness or temporary disability, the person designated to act as Deputy Commissioner of Municipal Affairs or Acting President of the Government Development Bank for Puerto Rico, as the case may be, shall, for such period, be empowered to act as a member of the Board. The Board shall appoint a Secretary and such other officers as it may deem advisable, none of which have to be members of the Board. The Board, by the affirmative vote of a majority of all of its members, may adopt, amend, alter and repeal regulations, not inconsistent with this or any other law, for the management of its business and affairs, the appointment of committees of the members of the Board and the powers of such committees, the title, qualifications, terms, compensation, appointment, removal and obligations of the officers and employees; Provided, however, That said regulations shall not be altered, amended or repealed unless written notice of the proposed alterations, amendments or repeals has been given to all the members of the Board at least one week prior to the meeting in which such matter is to be considered.
History —June 30, 1972, No. 29, p. 432, § 4; Sept. 6, 2000, No. 385, § 1.