A body corporate and politic is hereby created which shall constitute a public corporation and government instrumentality of the Commonwealth of Puerto Rico, which shall be known as the Puerto Rico Telephone Authority.The Authority shall be attached to the Bank, but shall have a juridical existence and personality separate and independent from that of the Bank and of any official of the Bank.The Board of Directors shall consist of five (5) members. The President of the Bank shall be the President of the Board of Directors and the Executive Director of the Authority. The remaining four (4) members of the Board shall be appointed by the Bank’s Board of Directors from among its members. The Board of Directors shall appoint a Vice President from among its members. The Secretary of the Board of Directors of the Bank shall be, at the same time, Secretary of the Board of Directors. The President of the Bank shall not receive any remuneration as President of the Board of Directors nor as Executive Director of the Authority.The Executive Director shall be in charge of the general administration of the Authority and shall supervise all the officials, employees and agents thereof [and] Executive Director of the Authority.The Executive Director shall be in charge of the general administration of the Authority and shall supervise all the officials, employees and agents thereof [and] he/she shall also exercise all those other powers and duties that the Board of Directors assigns to him/her. History —May 6, 1974, No. 25, Part 1, p. 136, § 4; Sept. 12, 1996, No. 215, § 3; renumbered as § 3 and amended on June 24, 1998, No. 94, § 3.
Puerto Rico Legal Code