3051f

(a) All monies of the Authority shall be deposited in the Government Development Bank for Puerto Rico or in depositories qualified for receiving funds of the Commonwealth of Puerto Rico, but they shall be maintained in a separate account or in separate accounts in the name of the Authority. Disbursements shall be made by the Authority according to the regulations and budgets approved by the Board.(b) The Authority shall be exempt from the provisions of §§ 283—283p of Title 3, known as the 'Government of Puerto Rico Accounting Act'. The Authority, with the approval of the Secretary of the Treasury, shall establish the accounting system required to maintain the proper controls and statistical registers of all expenses and revenues of or administered or controlled by the Authority. The accounts of the Authority shall be kept so that they may be properly segregated as far as it would be advisable in relation to the various types of operations, projects and activities of the Authority. History —Sept. 29, 2004, No. 508, § 8.