(a) Commissioner of Financial Institutions. — The Office of the Commissioner shall be under the direction of a Commissioner, who shall be appointed by the Governor with the advice and consent of the Senate of Puerto Rico; the Commissioner shall answer directly to the Governor.\nIn the performance of his functions, the Commissioner shall answer directly to the Secretary of the Treasury.\nThe Commissioner may avail himself of the benefits of §§ 761 et seq. of Title 3, which establishes the Puerto Rico Government Employees Retirement System.\n(b) Competence of the Commissioner. — The Commissioner shall be a person of unblemished character and reputation, and recognized competence in financial matters.\n(c) Commissioner’s successor. — In the event the Office of the Commissioner should become vacant, the successor shall be appointed as provided in subsection (a) of this section.\nHistory —Oct. 11, 1985, No. 4, p. 857, § 5; Sept. 10, 2009, No. 95, § 2.
Puerto Rico Legal Code