The Corporation’s Board of Directors shall designate by majority vote from among its members an Executive Director who shall be a person of recognized knowledge and service in behalf of culture, and shall have all the powers, faculties, attributes and prerogatives delegated on him by the Board of Directors. The Executive Director may appoint a Deputy. In case of the Executive Director’s absence or temporary disability, the Deputy Director shall substitute for him and shall perform all the functions and exercise all his powers for the duration of his absence or temporary disability. In case of the Executive Director’s death, resignation or dismissal from office, the Deputy Director shall exercise all his functions as long as the vacancy exists. The Executive Director shall render an annual report to his Board of Directors, the Governor and the Legislature of all the activities held by the Corporation, on or before November 30 of each year. The annual report shall include:(a) A report of the financial condition of the Corporation and its subsidiaries, duly audited by a firm of certified public accountants;(b) a report of the transactions carried out by the Corporation and its port of the financial condition of the Corporation and its subsidiaries, duly audited by a firm of certified public accountants;(b) a report of the transactions carried out by the Corporation and its subsidiaries during the preceding fiscal year, and(c) a report of all the activities held by the Corporation and its subsidiaries since its creation or since the date of its last annual report. History —July 31, 1985, No. 4, p. 787, § 4.
Puerto Rico Legal Code