2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 3 - General Provisions (§§ 621-639 — 1100a) › Chapter 90C - Special Communities Business Financing Trust (§§ 973 — 973f) › § 973b - Board of Directors—Duties

The Board of Directors shall have the following duties:
(a) To act as the governing entity of the Trust.
(b) To draft all pertinent regulations to govern the internal procedures of the Board and to comply with the purposes of this chapter within sixty (60) days of its establishment.
(c) To authorize the accounting and disbursements of funds and other administrative operations of the Trust.
(d) To determine the eligibility of the enterprises to be financed with the funds of the Trust pursuant to the directives established in this chapter and the regulations drafted by the Board to such effects.
(e) To appoint an Executive Director and assign by regulation the powers, duties and responsibilities that are compatible with the purposes of this chapter.
(f) To delegate any faculty or power of the Board, with the exception of the approval, amendment or revocation of regulations to the Executive Director, to a Committee composed of Board members or designated thereto pursuant to the regulations thereof.
(g) To contract the use of the support personnel it deems necessary to carry out its functions with the Economic Development Bank.
(h) To establish work plans geared toward the creation of businesses with, at least, some of the following characteristics:
(1) They shall be located in special communities and create employment or offer services needed therein.
(2) They shall create employment in special communities, although they are not located therein.
(3) They shall be worker cooperatives or corporations, as the same are defined in the laws of Puerto Rico, whose partners or members reside in special communities in the number established by regulations.
(4) To comply with any of the aforementioned requirements and have the endorsement of the municipal government of the location of the community to be impacted.
The Board of Directors shall regulate the quantitative criteria it deems pertinent to comply with the objectives of these work plans, taking into consideration giving priority to those businesses that shall impact the communities that have the worse poverty indicators.
(i) To negotiate with the Special Communities Perpetual Trust the conditions for receiving funds from said entity, obtain securities for loans, receive loans and perform all financial transactions that are compatible with the laws of Puerto Rico and the purposes of this chapter.
(j) To establish the pertinent agreements with the Office of the General Coordinator for Special Communities Socioeconomic Financing and Self Management to receive information on the status of these communities periodically, as well as comments on the priority that should be given to businesses that apply for financing under the provisions of this chapter. The agreement or the regulation to be established shall allow the Office to evaluate the financing applications without limiting the Trust for the time that it may take or for its particular opinion of them.
(k) To enter into contracts with any other Government agency for matters pertinent to the processing of the granting of financing to businesses that comply with the purposes of this chapter.
(l) To exercise all the powers and faculties conferred by the law and necessary to comply with the provisions of this chapter.
History —Sept. 23, 2004, No. 457, § 4, eff. July 1, 2005.