2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 84 - Public Corporation for the Supervision and Insurance of Cooperatives (§§ 1334 — 1335h) › § 1334g - Executive President

The Executive President of the Corporation shall be appointed by the vote of two thirds (⅔) out of the total number of members of the Board of the Corporation, with the concurrence of at least two (2) Cooperative Movement representatives and the approval of seven (7) out of the ten (10) members of the Governing Board of the Cooperative Development Commission. Continuity in office shall require that such approval be ratified every three (3) years by the Governing Board. The Executive President shall be the Chief Executive Officer of the Corporation, hold office at the pleasure of the Board of the Corporation, and discharge whatever functions or authorities are established by law and delegated by the Board of the Corporation, and earn the salary authorized thereby. Subject to the policies formulated by the Board of the Corporation, as these are consistent with the public policy that governs the Cooperative Development Commission, the Executive President shall have the following powers and duties, among others:
(a) Establish with the approval of the Board, the internal organization of the corporation and the systems needed for its adequate functioning and operations.
(b) Execute all administrative and managerial actions that are necessary for the implementation of this chapter and of Act No. 6 of January 15, 1990, as well as the regulations that are adopted by virtue thereof.
(c) Appoint the personnel that is necessary to execute the ends and purposes of the chapter, pursuant to the types of positions and the classification plan to be adopted by the Board. The Corporation shall be exempted from the provisions of Act No. 5 of October 14, 1975, known as the “Public Service Personnel Act”, but the Board may provide for its personnel to avail itself of the benefits of §§ 761 et seq. of Title 3, known as the “Employees Retirement System of the Government of Puerto Rico and its Instrumentalities Act”.
(d) Contract the technical and professional services needed to carry out the purposes of this chapter subject to the norms and regulations to be approved by the Board.
(e) Draft the budget of expenses of the Corporation and submit it to the Board for its approval.
(f) Establish with the advice of the Secretary of the Treasury and subject to the approval of the Board, a complete and detailed accounting system for the registration and control of all income and disbursements of the Corporation and for the adequate control of all its operations and fiscal transactions.
(g) Adopt, with the prior approval of the Board, the norms for the use, control and conservation of the property of the Corporation.
(h) Grant contracts and agreements or carry out transactions with public or private entities for the ends and purposes of this chapter, with the prior approval of the Board.
(i) Implement and operate the financial analysis system to be adopted by the Board under subsection (a)(1) of § 1334e this title.
(j) Invest the resources of the Corporation in any activities, assets or purposes attuned to the purposes of this chapter, with the exception of common or preferred stock, or in any other asset that represents a patrimonial interest of an enterprise or entity that is not related to cooperatives or federations.
(k) Offer the insured cooperatives technical assistance and training on administrative and managerial matters, as well as any advice that it deems necessary for compliance with the requirements that are imposed as a condition to avail themselves of the shares and deposits insurance or to continue to be insured by the Corporation.
(l) Assess the financial situation of the insured cooperatives in order to foresee potential losses and to require the presentation of reports in accordance with the manner, terms, forms and content to be established by regulations.
(m) Require the posting of bonds pursuant to legal provisions and authorize the payment of the required bond premiums.
(n) Determine, pursuant to the rules adopted by the Board and those provided by this chapter and its regulations, the eligibility of any cooperative to receive the shares and deposit insurance, or to continue as an insured entity, including cases of mergers, acquisition of assets and liabilities or consolidation of cooperatives.
(o) Consider, approve or disapprove, according to the regulations in effect, every application for an authorization, permit or license required for cooperatives pursuant to applicable laws.
(p) Enforce the shares and deposits insurance guarantee, pursuant to the regulations adopted to such effect.
(q) Pursuant to applicable provisions of law, to act as the receiver of cooperative entities and to appoint the members of the Board of Receivers when liquidating cooperatives.
(r) Carry out all those functions and tasks delegated by the Board.
(s) Attend all inquiries, requests for opinions and administrative determinations and/or complaints submitted. In said cases, the decision of the Executive President may be reviewed by the Board of Directors. The final decision of the Board of Directors may be judicially reviewed before the Circuit Court of Appeals.
History —Aug. 17, 2001, No. 114, § 9; Aug. 10, 2002, No. 163, § 5; Aug. 10, 2008, No. 247, § 23, eff. Feb. 1, 2009.