All monies of the Authority shall be deposited in qualified depositaries for funds of the Government of the Commonwealth of Puerto Rico, but they shall be kept in a separate account or accounts registered in the name of the Authority. The disbursements shall be made by it pursuant to the regulations and budgets approved by the Board.The Secretary of the Treasury, in consultation with the Authority, shall establish the accounting system that is required for the adequate statistical control and registration of all expenses and income belonging to, or managed or controlled by the Authority. The Secretary of the Treasury shall require that the Authority’s accounts be kept in such a manner that the accounts related to the different types of operations, projects, enterprises and activities of the Authority can be appropriately segregated insofar as it is advisable. The Comptroller of Puerto Rico or his/her representative shall examine the Authority’s accounts and books every three (3) years or in shorter periods when it is deemed necessary, including its income, disbursements, contracts, leases, sinking funds, investments and any other matters related to its economic situation and shall or in shorter periods when it is deemed necessary, including its income, disbursements, contracts, leases, sinking funds, investments and any other matters related to its economic situation and shall render a report thereof to the Board, the Governor of Puerto Rico and the Legislature. History —May 7, 1942, No. 125, p. 710, § 8; May 14, 1952, No. 463, p. 976, § 7; Aug. 17, 1989, No. 65, p. 270, § 7, eff. 90 days after Aug. 17, 1989.
Puerto Rico Legal Code