2023 Laws of Puerto Rico › TITLE THREE - Executive (§§ 1 — 9311) › Chapter 120 - Puerto Rico Emergency Moratorium and Rehabilitation Act (§§ 9281 — 9311) › Subchapter III - Puerto Rico Fiscal Agency and Financial Advisory Authority (§§ 9301 — 9311) › § 9303 - Board of Directors

(a) Initially, the Authority shall be governed by a board of directors whose sole member shall be the Executive Director of the Authority. Beginning on January 1, 2017, the Authority may be governed by a board of directors composed of one, three or five members, as determined by the Governor, which members shall be appointed by the Governor, with advice and consent of the Senate of Puerto Rico and shall not have served as directors of GDB during the ten (10) year period prior to their appointment as directors of the Authority. The members of the Board shall serve at the pleasure of the Governor and may be removed or replaced by the Governor at any time, with or without cause.
(b) The Board shall select from among its members a president and a vice president, who shall substitute the president in his absence, as well as a secretary; Provided, That, if the Board is composed of only one member, said member shall serve as both president and secretary of the Board.
(c) The Board may also appoint committees to address any matter that the Board may address.
(d) Unless the Authority’s regulations so prohibit or restrict, any action necessary or allowed during any meeting of the Board or any Board committee shall be authorized without the need for a meeting, provided that all the members of the Board or Board committee, as the case may be, give their written consent to such action. In such event, the written document shall be included in the minutes of the Board or Board committee, as the case may be. Unless the Authority’s regulations provide otherwise, the members of the Board or of any Board committee may participate in any meeting of the Board or any Board committee, respectively, through telephone conference, or other communication mediums whereby all of the persons participating in the meeting may listen in and communicate simultaneously. The participation of any member of the Board or any Board committee in the manner described above shall constitute attendance at said meeting.
(e) The members of the Board shall not receive any compensation for their services as members of the Board, but shall be entitled to reimbursement for those travel expenses necessarily incurred while performing their official duties, in accordance with the applicable regulations of the Department of the Treasury.
(f) The Board shall have, without it being construed as a limitation, the following duties and faculties:
(1) To establish the general policy of the Authority in order to comply with the objectives of this chapter;
(2) to authorize the Authority’s work plan and annual budget;
(3) to adopt and approve rules and regulations to govern its internal affairs, as well as those that may be necessary to exercise the faculties and powers conferred to it pursuant to this chapter;
(4) subject to § 9304 of this title, establish the duties and powers of the Executive Director in accordance with the provisions of this chapter and establish his or her compensation;
(5) to require any officer or employee of the Authority to provide those reports and statistical data that are deemed necessary;
(6) to the extent that the Puerto Rico Fiscal Oversight and Economic Recovery Board has not been constituted, to validate or select the independent consultant that will validate the revenue projections of the Commonwealth for any given fiscal year prior to such revenue projection being submitted to the Legislative Assembly as part of the Commonwealth’s budget pursuant to § 104(a) of Title 23;
(7) to issue summons to require the attendance and testimony of witnesses, as well as the production of any evidence to gather information related to any matter under its jurisdiction and, if any person refuses to obey any summons issued by the Authority, the Authority may apply to the Court of First Instance of the Commonwealth, San Juan Part, for an order to compel such person to appear before the Authority to testify, produce evidence, or both, in relation to the issue under its consideration, which such requests shall be notified in the same manner as they would be notified under the applicable rules of civil procedure;
(8) to promulgate rules to protect the confidentiality of the information and documents it receives in accordance with the laws and case law in effect in the Commonwealth in matters related thereto, which act of furnishing information or documents as requested by the Authority shall not be construed as a waiver to the right to file a confidentiality claim by any natural or juridical person with respect to the information or the document thus furnished;
(9) to delegate to any Board committee or to the Executive Director any of the powers and faculties granted to the Authority pursuant to this chapter; and
(10) to take all those actions deemed convenient or necessary to carry out the purposes of the Authority pursuant to this chapter.
History —Apr. 6, 2016, No. 21, § 603; July 12, 2016, No. 68, § 1.18.