510

All monies of the Company shall be deposited in qualified depositiries for funds of the Commonwealth of Puerto Rico, but shall be kept in a separate account in the name of the Company. Disbursements shall be made by it pursuant to the bylaws and budget approved by the Company’s Board of Directors.The Secretary of the Treasury, upon consultation with the Company, shall establish the accounting system required for the proper statistical control and record of all expenses and income belonging to or managed or controlled by the Company. Said Secretary shall require that the accounts of the Company be kept in such manner as to appropriately segregate the accounts, insofar as it is advisable, with regard to the different types of activities of the Company. The Controller of Puerto Rico or his/her representative, from time to time, but not less than once a year, shall examine the Company’s accounts and books, including its loans, receipts, revenues, disbursements, contracts, leases, sinking funds, investments and any other matters that may be related with its financial condition, and shall report them to the Governor, the Company’s Board of Directors, and the Legislature of Puerto Rico.

funds, investments and any other matters that may be related with its financial condition, and shall report them to the Governor, the Company’s Board of Directors, and the Legislature of Puerto Rico. History —June 23, 1961, No. 114, p. 234, § 10; Nov. 17, 1993, No. 90, § 8.