P.R. Laws tit. 23, § 263c
The Fund shall have and exercise all the powers and faculties listed as follows:
(a) To sue and be sued.
(b) To secure the payment of the principal and interest on loans granted for the purposes and under the terms of this chapter, as provided hereinafter.
(c) To acquire in any legal manner, including but not limited to, the acquisition through purchase, bequest, legacy, donation, legislative appropriations, or transfers of capital, any type of assets, or funds, in order to carry out the purposes of this chapter, and specifically, those assets or funds which it must acquire in exchange for the payment of the securities offered under this chapter, or through the foreclosure of mortgages assumed by virtue of said securities.
(d) To invest in obligations secured by the United States or the Commonwealth of Puerto Rico, and in bank certificates of deposit, in addition to administering its resources and funds.
(e) To sell, lease, transfer, or in any way dispose of property acquired as a result of the enforcement of this chapter.
(f) To borrow money and contract debts, when said obligations are incurred in order to comply with the purposes for which the Fund is created, under such terms and conditions that its Securities Committee may from time to time determine.
(g) To exercise all those corporate powers granted to corporations pursuant to the laws of Puerto Rico, and exercise them within and without Puerto Rico, to the same extent, and manner, as a natural person would be able to.
(h) To establish all those measures that may be necessary and convenient to develop a secondary market for loans secured by the Fund.
(i) To appoint all its officers, agents and employees, and grant them all the powers, faculties, responsibilities and authority it deems proper, impose their duties, fix and pay them the remuneration it determines, subject to the policy, regulations and procedures approved by the Securities Committee. The appointing of officials, agents and employees shall be done taking into consideration the preservation of existing jobs. The disposal of all personnel matters of the Fund shall be executed without being subject to Act No. 5 of October 14, 1975, known as the “Puerto Rico Public Service Personnel Act”.
(j) To exercise all those powers incidental to, or that could be necessary and convenient, to achieve the purposes of this chapter.
History —July 9, 1985, No. 97, p. 313, § 4.