(a) The business of the Fund shall be administered, and its corporate powers exercised by a Securities Committee, that shall be composed of the Administrator of the Fund, the President of the Commercial Development Company, the President of the Government Development Bank, or their authorized representatives.(b) Secure payment of up to eighty percent (80%) of the principal and interest of loans granted by financial institutions to eligible businesses, for the purposes and under the technicalities addressed by this chapter.(c) The Executive Director of the Commercial Development Company shall be the Administrator of the Fund and shall have those duties and responsibilities assigned to him by the Securities Committee.(d) In addition to administering its resources and funds, to invest in direct obligations or those secured by the United States or the Commonwealth of Puerto Rico, or by any of its political subdivisions, agencies, instrumentalities and public corporations, and in certificates of deposit, or bank acceptances, issued by banks organized under the laws of the Commonwealth of Puerto Rico, the United States, or the states of the American Union, provided that the funds are cates of deposit, or bank acceptances, issued by banks organized under the laws of the Commonwealth of Puerto Rico, the United States, or the states of the American Union, provided that the funds are secured to the satisfaction of the Government Development Bank for Puerto Rico.(e) The Administrator of the Fund shall render periodic reports to the Securities Committee related to expenses incurred during his tenure and the income obtained in its operations. History —July 9, 1985, No. 97, p. 313, § 5.
Puerto Rico Legal Code