1165i

The Corporation shall submit its general budget of expenses and the consolidated expense budget of each of its subsidiary corporations each year to the Legislature of Puerto Rico through the Office of the Governor pursuant to the provisions of §§ 101 et seq. of Title 23.All of the Corporation’s moneys shall be deposited in recognized banking institutions located in the Commonwealth of Puerto Rico. The accounts shall be opened in the Corporation’s name and the disbursements shall be made according to the Corporation’s standards and regulations.(a) All documents that involve or imply obligations or disbursements chargeable to the funds appropriated to the Corporation shall bear the signature of the Executive Director or of the officials or employees upon whom he delegates to authorize said documents.(b) When it is necessary and convenient to advance Corporation funds to private persons, the advances shall be made by the Executive Director in the manner prescribed by the Board of Directors, provided said advances are secured by bonds which cover the Executive Director’s liability. History —July 31, 1985, No. 4, p. 787, § 10.