In addition to the powers recognized to Puerto Rican corporations by the laws of Puerto Rico, the Foundation shall have the following powers:(1) To receive gifts for the aims of this chapter.(2) To issue stock to be acquired by workers and those labor syndicates interested in the purposes of the Foundation.(3) To withhold from all transactions made a percentage for the financing of necessary administrative expenses. The percentage to be withheld for services shall be determined by the bylaws of the Foundation.(4) To contract for services in the name of the Foundation for the development of low-cost housing programs for workers.(5) To take steps for the acquisition or sale of necessary lands as well as for the provisional and permanent financing therefor.(6) To prescribe rules for the selection of beneficiaries.(7) To procure financing for the construction and reconstruction of homes for workers.(8) To procure market for mortgages on workers’ homes.(9) To draw up and approve its bylaws which shall make provision for the organization of its general assemblies and everything related with the organization of the Foundation.(10) To administer for the account of others, housing projects which shall make provision for the organization of its general assemblies and everything related with the organization of the Foundation.(10) To administer for the account of others, housing projects for workers and mortgage loans. History —June 22, 1966, No. 104, p. 326, § 9. In addition to the powers recognized to Puerto Rican corporations by the laws of Puerto Rico, the Foundation shall have the following powers:(1) To receive gifts for the aims of this chapter.(2) To issue stock to be acquired by workers and those labor syndicates interested in the purposes of the Foundation.(3) To withhold from all transactions made a percentage for the financing of necessary administrative expenses. The percentage to be withheld for services shall be determined by the bylaws of the Foundation.(4) To contract for services in the name of the Foundation for the development of low-cost housing programs for workers.(5) To take steps for the acquisition or sale of necessary lands as well as for the provisional and permanent financing therefor.(6) To prescribe rules for the selection of beneficiaries.(7) To procure financing for the construction and reconstruction of homes for workers.(8) To procure market for mortgages on workers’ homes.(9) To draw up and approve its bylaws which shall make provision for the organization of its general assemblies and everything related with the organization of the Foundation.(10) To administer for the account of others, housing projects which shall make provision for the organization of its general assemblies and everything related with the organization of the Foundation.(10) To administer for the account of others, housing projects for workers and mortgage loans. History —June 22, 1966, No. 104, p. 326, § 9. In addition to the powers recognized to Puerto Rican corporations by the laws of Puerto Rico, the Foundation shall have the following powers:(1) To receive gifts for the aims of this chapter.(2) To issue stock to be acquired by workers and those labor syndicates interested in the purposes of the Foundation.(3) To withhold from all transactions made a percentage for the financing of necessary administrative expenses. The percentage to be withheld for services shall be determined by the bylaws of the Foundation.(4) To contract for services in the name of the Foundation for the development of low-cost housing programs for workers.(5) To take steps for the acquisition or sale of necessary lands as well as for the provisional and permanent financing therefor.(6) To prescribe rules for the selection of beneficiaries.(7) To procure financing for the construction and reconstruction of homes for workers.(8) To procure market for mortgages on workers’ homes.(9) To draw up and approve its bylaws which shall make provision for the organization of its general assemblies and everything related with the organization of the Foundation.(10) To administer for the account of others, housing projects which shall make provision for the organization of its general assemblies and everything related with the organization of the Foundation.(10) To administer for the account of others, housing projects for workers and mortgage loans. History —June 22, 1966, No. 104, p. 326, § 9.
Puerto Rico Legal Code