2023 Laws of Puerto Rico › TITLE EIGHTEEN - Education (§§ 1 — 3510-3520) › PART III - Educational Activities Generally (§§ 861-866 — 1597b) › Chapter 92 - Puerto Rican Fund for Financing of Cultural Endeavors (§§ 1471 — 1481) › § 1475 - Administrative Council—Faculties and powers

The Administrative Council shall have and exercise the powers and faculties indicated below:
(a) To act as the managerial body of the Fund with the power to authorize the loans, subsidies and nonrefundable benefits to be granted by it; adopt bylaws for its government and operation and the norms for the administration of the Fund, as well as those to be observed when granting such loans, subsidies and nonrefundable benefits. The Council shall [set], through regulations, what is related to the charging of interest for the granting of loans, which may be equal to, or less than, the prevailing legal interest rates.
(b) To extend assistance, incentives, donations and secure loans for the purposes established by this chapter. The loan guarantees shall be granted for a sum equal to 90%, or the proportional part of the unpaid balance that the secured creditors may demand for compliance with the payment of the principal and interest on such loans, or for the principal economic fulfillment of other obligations. The Council shall not incur obligations that exceed the financial capacity of the Fund nor shall it incur additional commitments without prior approval of the Office of the Management and Budget.
(c) To acquire by any legal means, including, but not limited to, acquisition through purchase, bequest, legacy, donation, legislative appropriations or transfer of capital, and all kinds of assets or funds in order to carry out the purposes of this chapter.
(d) In addition to administering them, to invest its funds and resources in obligations secured by the United States or the Commonwealth of Puerto Rico, and in bank certificates of deposit: Provided, That the interest thus accrued will revert to the Fund. The Council shall not invest more than twenty-five percent (25%) of the monies of the Fund.
(e) To receive money, as well as real and personal property on account of donations, transfers, conveyances, subsidies, assignments, advances, loans or other similar payments of the Commonwealth of Puerto Rico, or any of its departments, as well as federal, Commonwealth and municipal government entities and private persons and entities. In order to carry out its ends, it may enter into agreements for the use of such funds, or real or personal property, with the Commonwealth of Puerto Rico or any of its departments, and with such government entities or private persons or entities.
(f) To designate honorary advisory committees composed by persons who represent the economic, social and cultural activity of Puerto Rico so that they may expedite and support the work and goals of this chapter.
(g) To stimulate and encourage the citizenry to make donations, provided their acceptance does not entail obligations that could be in conflict with the norms that govern the Fund or with §§ 1195 et seq. of this title, known as the “Institute of Puerto Rican Culture Act”.
(h) To exercise all those powers incidental to, or which are necessary and convenient for the attainment of the purposes of this chapter.
History —July 20, 1988, No. 115, p. 482, § 6.