P.R. Laws tit. 31, § 1293b-4
The Director or Board of Directors constitutes the executive organ of the community of co-owners and shall have the following duties and powers:
(a) To take care of everything relating to the good government, administration surveillance and operation of the regime and especially in regard to the things and elements of common use and the general services, and to make, for such purposes, the proper warnings and admonitions to the co-owners.
(b) To prepare with due anticipation and to submit to the Council the annual budget of foreseeable expenditures and receipts and to fix the proportionate contribution corresponding to each co-owner.
(c) To direct the financing matters concerning the collection and payments and to keep a book with a detailed account in chronological order, of the receipts and expenditures affecting the property and its administration and specifying the maintenance and repair expenses of the common elements, and to have available for examination by all the co-owners, at convenient hours and days that shall be set for general knowledge, said book as well as the vouchers accrediting the entries made.
(d) To collect from the co-owners the amounts they must contribute for the common expenses and to make all other necessary collections and payments, issuing the corresponding receipts and checks.
(e) To open a bank account in the name of the community of co-owners, into which it shall cover all the receipts of the regime, making the deposits within such term after they are received as may be fixed by the bylaws; to draw checks against said account to meet all necessary payments, but taking care not to draw them to bearer and that each one has its corresponding voucher and receipt.
(f) To submit to the approval of the Association a balance sheet corresponding to the closing year. The balance sheet shall indicate the total amount received from quotas for common expenses and from other sources, an itemized breakdown of all the expenses incurred, the compensations received by the managing agent, if any, receivable accounts for common expenses and for other reasons, balance for the following year, and the amount available as reserve fund. The Director or Board of Directors shall be responsible for having a copy of the balance sheet sent to each co-owner at least fifteen (15) days before the date of the regular annual meeting.
(g) To take care of the maintenance of the property and order the ordinary repairs, and as to the special ones, to adopt the necessary measures, forthwith notifying the Association.
(h) Keep the books of the unit owners, in which the names, signatures, and other information regarding the unit owners shall be recorded, as well as the successive transfers or leases that take place in said units. The book shall be used to authenticate the signatures of the unit owners when necessary.
(i) To comply and enforce compliance with the provisions of this chapter and of the Bylaws and with the resolutions of the Council of Co-owners.
(j) To increase or reduce the quotas for common expenses and to fill vacancies of members of the Board of Directors subject to revocation by the Council of Co-owners.
(k) Relieve the Administrator of his/her duties for just cause. Just cause shall mean culpable negligence in the discharge of duties, dishonesty, or the breach of the codes of good conduct set forth in the Regulations of the condominium, or noncompliance with the duties set forth in the contract. The Director or the Board of Directors shall convene the Condominium Association no later than thirty (30) days after the relief of duties to inform said action, for same to act as he/she deems convenient.
(l) Any other powers assigned by the regulations or by the Condominium Association.
History —June 25, 1958, No. 104, p. 243, added as § 38-D on June 4, 1976, No. 157, p. 461, § 8; Apr. 5, 2003, No. 103, § 29, eff. 90 days after Apr. 5, 2003.