P.R. Laws tit. 23, § 695b
(a) The Council of Trustees of the Trust, henceforth “the Council”, shall be constituted by eleven (11) trustees, five (5) of whom shall be those persons who hold office as Secretary of the Department of Economic Development and Commerce, the President of the University of Puerto Rico, the President of the Government Development Bank for Puerto Rico, the Executive Director of the Industrial Development Company and the Executive Director of the Office of Management and Budget, who shall be ex officio trustees and who may be represented during official functions by those persons the aforementioned officers designate and six (6) private citizens. The deed of trust shall provide that the six (6) private citizens shall be trustees for a term of six (6) years and until their successors are appointed. Three (3) of the six (6) private citizens must be or must have been members of the university community as professors or researchers, three (3) must belong to the private sector in the field of high technology. Two (2) of the six (6) private citizens must be internationally recognized in their field and two (2) of the private citizens must be generally familiar with the biological sciences and matters of health as well as with information and communications technologies, the recent research trends in those areas and the technical and scientific mechanisms used to translate new knowledge into applications that would foster economic development.
(b) The Secretary of the Department of Economic Development and Commerce, the President of the University of Puerto Rico, the President of the Government Development Bank for Puerto Rico, the Executive Director of the Industrial Development Company and the Executive Director of the Office of Management and Budget shall initially designate the first six (6) private citizens that shall act as trustees. Said designations shall be made for the following terms: one trustee for three (3) years; another for four (4) years; two (2) trustees for five (5) years and another two (2) trustees for six (6) years. Any vacancy in the position of trustee held by the private citizens that arises before the term of said position has expired shall be covered by a new appointment for the remaining term. No member of the Council of Trustees may serve as trustee for more than two (2) consecutive terms of six (6) years.
(c) The private citizens who succeed the private citizens originally appointed as members of the Council of Trustees, as well as the private citizens designated to fill the vacancy of any position held by a private citizen that arises in the Council, shall be selected by the vote of the majority of the Council members.
(d) The private citizens designated or elected as members of the Council of Trustees shall not be deemed to be public officers for all effects, including the provisions of §§ 1801 et seq of Title 3.
Provided, That no member of the Council having any personal, institutional or economic interest, as said terms are defined below, may participate in any decision or have access to any information related to the matter or matters in which he/she has a personal or economic interest. “Economic interest” shall mean the direct or indirect ownership, be it legal or as equity, by an individual or a member of his/her family unit as defined below, of (1) at least ten percent (10%) of the stock issued by a corporation; (2) at least ten percent (10%) interest in any other entity; or (3) ownership of enough stock or shares in an entity that gives said person actual control over the decisions of said entity. The term “personal interest” shall mean any personal, family or business relationship that might be interpreted as affecting the objectivity of a member of the Board. The term “family unit” shall mean the spouse of a person, his/her children, dependents or those persons who share his/her legal residence or whose financial matters are under de jure or de facto control of said person.
(e) The President of the Council of Trustees shall be one of the five (5) public officers, members of the Council, and shall be selected by the vote of said five (5) public officers. The Council shall select from among those of its members that are private citizens, a Vice-President, who shall substitute the President in his/her absence, as well as a Secretary.
(f) The members of the Council of Trustees that are not public officers, including the members of the academic community, shall be entitled to receive the basic per diem established through the unanimous vote of the Council.
(g) A majority of the members of the Council shall constitute quorum for all purposes, and the decisions shall be reached by the majority of those present. Provided, That any action that needs to be taken or that is allowed during any meeting of the Council shall be authorized without the need for a meeting as long as all the members of the Council give their consent in writing to such an action. In such a case, the written document shall be entered into the minutes of the Council. It is furthermore provided that the members of the Council may respectively participate in any meeting of the Board or in any committee or commission thereof, through telephone conference or other means of communication through which all persons participating in the meeting may be heard simultaneously. The participation of any member of the Council at a meeting in the manner described above shall constitute attendance to said meeting.
History —Aug. 18, 2004, No. 214, § 4.