2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80A - Trade and Export Company (§§ 1227 — 1227r) › § 1227e - Officials

The Executive Director of the Company shall be appointed by the Governor with the advice and consent of the Senate. The Executive Director shall discharge his/her functions at the will of the Board and his/her compensation shall be determined by the Board. The Executive Director shall be in charge of the activities of the Company and shall have the power and the authority to exercise the functions listed below; Provided, That more specific powers may be imposed on him/her through its bylaws in harmony with those enumerated and stated in this chapter, and with the purposes thereof:
(a) Perform studies and investigations related to the problems and impediments of the local and foreign trade in Puerto Rico, and to take or recommend that those measures needed for its solution and elimination be taken, including, but without being limited to the establishing of alliances with educational or private institutions.
(b) Compile, interpret and publish statistics related to the local and foreign trade.
(c) Require the necessary, pertinent, and specialized information to exercise his/her functions.
(d) Issue summons requiring the appearance of witnesses and the presentation of documents, data, or any other pertinent information, to carry out the purposes of this chapter.
(e) The Executive Director may also, either by him/herself or through his/her duly authorized representative, take oaths and receive testimonies, data or information.
If a summon[s] or requirement of documents, data, or information is not complied with, the Executive Director may appear before the Court of First Instance to request an order for compliance of said subpoena or summons under penalty of contempt of court. All written or oral information obtained by the Company under its orders, shall be kept in strict confidence. The compelling interest of the Government to keep the confidentiality of said information is based on the fact that the information furnished by any company or persons that may be deemed as a trade secret or that may injure any right of the third party who furnishes the information, or by any other assumption that the confidentiality of the information furnished to the Company may be validly claimed. The information shall only be used for purposes of studies, surveys, polls, and research or to comply with this chapter. It shall be illegal without the prior written authorization of the person furnishing the information, to disclose or divulge any data on a business or businesses that was obtained with the purpose of carrying out a survey, poll or investigation under this provisions and any violation of this provision shall constitute an offense which shall be punish by a fine of not less than ten thousand dollars ($10,000) or imprisonment for not less than one year; if the convict is an official or employee of the Commonwealth of Puerto Rico he/she shall also be discharged from his/her office.
(f) Perform all those incidental acts that are necessary or convenient to enforce the powers conferred on the Company by this chapter or any other law of the Commonwealth of Puerto Rico in effect.
(g) Render an annual report to the Board on the operations of the Company, which shall include the following:
(1) An audited financial statement prepared pursuant to generally accepted accounting principles which shall include the income and disbursements of the Company during the fiscal year in question, a balance sheet of the Company at the close of said fiscal year, a complete report of the business of the Company during the preceding fiscal year, and
(2) a complete report on the status and progress of all its programs and activities from the creation of the Company or from the date of the last of these reports. The report may include any other information deemed pertinent and necessary by the Executive Director.
(h) Make the administrative decisions that are necessary to comply with the functions of the Company.
History —Dec. 28, 2003, No. 323, § 8, eff. 90 days after Dec. 28, 2003.