P.R. Laws tit. 3, § 9001
Wherever used or referred to in this chapter, the following terms shall have the meaning stated below, except where the context clearly indicates otherwise:
(a) Credit rating agencies.— Shall mean those recognized entities widely used in the United States of America for the purposes of assessing creditworthiness with respect to securities issued in the market.
(b) Assembly of Delegates.— Shall mean the governing body of the Association, which shall have full authority over the institutional decisions thereof.
(c) Association.— Shall mean the Commonwealth of Puerto Rico Employee Association.
(d) Candidate for delegate.— Shall mean any member who is candidate for delegate elected to represent the entire membership of the Association in the election of delegates to the Assembly of Delegates.
(e) Executive Committee.— Shall mean the Committee of the Assembly in charge of the administrative affairs of the Association with which it is entrusted under this chapter or the Assembly of Delegates, to which it shall be subordinate. Its members shall be nominated in accordance with the provisions of this chapter, and shall be elected by the sectors that they represent.
(f) Delegate.— Shall mean the member elected to the Assembly of Delegates by direct vote of all other members in their corresponding government or municipal entity and the sector of covered members and depositor pensioned members to represent the employees of such entity that are members of the Association. No employee or former employee of the Association may be a delegate, because the Association is not a government entity.
(g) Alternate delegate.— Shall mean the employee of a government entity who received the second highest number of votes cast for delegate in the same government or municipal entity and the sector of covered and depositor pensioned members and whom shall substitute the delegate in the meetings of the Assembly whenever such delegate is unable to attend or for the remainder of the delegate’s term, in the event that the person appointed to an office ceases to belong to the represented entity by reason of death, disability, dismissal, or resignation as delegate.
(h) Executive Director.— Shall mean the executive officer in charge of the operations of the Association.
(i) Employee.— Shall mean any person appointed to a career, transitory, regular, or trust position, on probationary period, holding an appointive or elective office earning a salary from the Commonwealth of Puerto Rico or its instrumentalities, who is a member of the Association. Public school teachers, members of the Puerto Rico Police, as well as officials and teaching personnel of the University of Puerto Rico shall be deemed to be employees since the start of their respective employment probationary period.
(j) Catastrophic illness.— Shall mean an illness whose foreseeable outcome, certified by a physician, is the loss of life, for which medical science has proven the existence of treatment to remedy or relieve said illness, or prolong the life of the patient. The term also includes illnesses or conditions that are not catastrophic according to the above description, but have caused a permanent disability that could be seriously aggravated if there is no medical science intervention through a treatment that has been proven to remedy or prevent the condition from becoming aggravated. Provided, that if it concerns the member him/herself, the disability does not constitute an impairment to work.
(k) Government entity.— Shall mean any department, agency, instrumentality, authority, or public corporation of the Commonwealth of Puerto Rico, already existing or to be created in the future. The term “government entity” shall also include the Supreme Court of Puerto Rico, the Court of Appeals, the Court of First Instance, the Office of Court Administration, the Senate, the House of Representatives, the Office of Legislative Services, the Office of the Superintendent of the Capitol, the Office of the Comptroller, the Office of the Ombudsman, the Civil Rights Commission, the University of Puerto Rico, and municipal governments. For purposes of this chapter, all municipalities shall be considered jointly as a single government entity.
(l) Highest credit ratings.— Shall mean the top four (4) rating categories of securities with respect to creditworthiness.
(m) Savings and loan fund.— Shall mean the fund created in accordance with the provisions of this chapter.
(n) Futures.— Shall mean contracts negotiable in established markets that specify a future date of delivery or receipt of a determined quantity of a specific tangible or intangible commodity.
(o) Money market instrument.— Shall mean short-term securities, of one year of less, such as commercial paper, certificates of deposit, term deposits, and banker’s acceptances, among others.
(p) Member of the Executive Committee.— Shall mean a delegate elected to the Executive Committee by direct vote of the delegates of his/her respective sector.
(q) Family unit.— Shall mean a person living in the same household with the member, or children, grandchildren or any other person whom the member has claimed as dependents on his/her income tax returns.
(r) Options contracts.— Shall mean the right to buy or sell a specified quantity of a financial instrument at a specific price within a specified period of time.
(s) Other investments.— Shall mean the investment of venture capital in young, growing, high-growth, or high-risk companies with a high-growth potential.
(t) Liquid assets available for investment.— Shall mean the difference between the amount of the items entitled “total member equity” and “net loans and accounts receivable”, as reported under the column entitled “Total Savings and Loan Funds” of the Savings and Loan Fund Balance Sheet of the Association, included in the Report of the Independent Accountants of the Association as of June 30th of the fiscal year preceding that in which an investment is made.
(u) Member.— Shall mean the persons comprising the membership of the Association as defined in § 9003 of this title.
(v) Security futures.— Shall mean contracts negotiable in interbank or brokered markets that specify a future date of delivery or receipt of a determined quantity of a specific tangible or intangible commodity.
History —Apr. 25, 2013, No. 9, § 2.