P.R. Laws tit. 21, § 4806
The incorporators shall meet no later than fifteen (15) days following the registration of the certificate of incorporation and shall select the members of the Board of Directors. Board members shall represent the various groups or sectors of public interest that make up the corporation. The incorporators may also approve the corporate bylaws and make the necessary decisions for the special corporation, subject to subsequent ratification or rejection by the Board of Directors. The mayor shall be notified of the date, place and time of the meeting at which the directors will take office and constitute the Board of Directors. Once the directors take office and the Board of Directors is constituted, they will assume the direction of the corporation, approve the corporate bylaws and appoint corporate officers pursuant to the procedures established therein. The agreements approved by the incorporators shall be evaluated and the pertinent decisions shall be made. A corporate seal shall be adopted, the financial institution to safeguard corporate funds shall be chosen, and the officers of the Board of Directors shall be appointed. None of the officers may be an employee or official of the municipal government in question. The persons appointed as corporate officials of all special corporations shall meet the highest professional standards and have the experience required to administer and manage the entity they are to direct, and meet other requirements to be determined by the Board of Directors.
History —Aug. 30, 1991, No. 81, § 17.006.