P.R. Laws tit. 23, § 490
(a) Administration.— The Board shall be responsible for the administration and operation of the Fund and shall appoint an Executive Director who shall have the responsibility of administering the Office of the Fund, the processing of applications, analysis, and evaluation of the projects to be granted, on a daily basis.
(b) Regulations.— The Fund shall be subject to prudent and sound administration rules in harmony with its economic promotion and development nature, through the investment of capital in eligible cooperative enterprises. Said rules shall be defined through regulations expressly adopted for such purposes jointly with the Office of the Commissioner of Financial Institutions, the Public Corporation for Supervision and Insurance of Cooperatives, and the Insurance Commissioner. Notwithstanding the foregoing, the Fund and all other entities listed herein shall ascertain that the above-mentioned rules are consistent with the public policy set forth in this chapter and the policy formulated by the Governing Board of the Puerto Rico Cooperative Development Commission.
(c) Oversight.— The Fund shall be subject to the supervision and oversight of the Commissioner of Financial Institutions and the Public Corporation for the Supervision and Insurance of Cooperatives, who shall see to the compliance by the Fund with the provisions of the regulation described in subsection (b) of this section and with all other laws applicable to the Fund.
(d) An Administrative fine not greater than five thousand dollars ($5,000), may be imposed on any natural and/or juridical person who incurs violations of the provisions of this chapter or the regulations adopted thereunder, or who violates its orders or resolutions; and to any member of the Board, or any executive official, or employee thereof who is responsible for such violation.
(e) Secondary jurisdiction.— In view of the participation and investment of different cooperative entities in the Fund, the following regulatory entities shall have full access to the books and records of the Fund without impairing the provisions of subsection (b) of this section:
(1) The Public Corporation for the Supervision and Insurance of Cooperatives.
(2) The Insurance Commissioner.
(3) The Inspector of Cooperatives.
(f) Supervision of the Comptroller.— The moneys, funds, and credits contributed by the Government Development Bank to eligible cooperative enterprises, shall be subject to the supervision and audits made by the Office of the Comptroller of the Commonwealth of Puerto Rico pursuant to Art. III, Sec. 22 of the Constitution.
History —Aug. 18, 2002, No. 198, § 12; Aug. 10, 2008, No. 247, § 27, eff. Feb. 1, 2009.