The powers of the Special Communities Business Financing Trust shall be exercised by a Board of Directors composed of nine (9) members: to wit, the Secretary of the Department of Economic Development, the Director of the Office for the Financing and Self-Management of Special Communities, the Director of the Cooperative Development Administration, the Secretary of the Department of Labor and Human Resources, the President of the Planning Board, the Administrator of the Regulations and Permits Administration (ARPE, Spanish acronym), two (2) community leaders who reside in special communities and not members of any other government board of directors and one (1) representative of the public interest. The latter members shall be appointed by the Governor for a term of five (5) years with the advice and consent of the Senate of the Commonwealth of Puerto Rico and shall remain in office until their successors are appointed. In the case of resignation or vacancy in any of these three (3) designations, the substitute shall be appointed in the same manner, but only to hold the position for the remainder of the term of the substituted member. gnation or vacancy in any of these three (3) designations, the substitute shall be appointed in the same manner, but only to hold the position for the remainder of the term of the substituted member. Only the Board members who are not public employees shall be entitled to receive compensation, which shall consist of a basic per diem equal to that established for members of the Legislature pursuant to §§ 27a et seq. of Title 2. History —Sept. 23, 2004, No. 457, § 3, eff. July 1, 2005.
Puerto Rico Legal Code