1- The administration of the Blue Fund is the responsibility of the Environmental Bank Foundation (Funbam), created by Law 8640, of June 5, 2008.
2- The judicial and extrajudicial representation of the Blue Fund shall be held by the president of the Administrative Board of Funbam, to execute acts, agreements, contracts, legal business or any other authorized by this law.
3- The Administrative Board of Funbam shall appoint a Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científico), which shall be responsible for the actions, functions and powers established by this law, regarding scientific matters, for the fulfillment of the fund's objectives.
3.1- The Specialized Technical Execution Unit (Unidad Técnica Especializada de Ejecución) is created; it shall be the body responsible for executing the actions and projects approved by the Administrative Board of Funbam, at the request of the Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científico), which must supervise the operation and functioning of the Specialized Technical Unit; said bodies shall report to the Administrative Board.
3.2- The Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científica) and the Specialized Technical Execution Unit (Unidad Técnica Especializada de Ejecución) shall be subject, financially and administratively, to the Executive Directorate of Funbam and must comply with the procedures and regulations established by Funbam.
3.3- The Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científica) and the Technical Unit shall be the bodies responsible for advising the Administrative Board of Funbam on technical-scientific matters.
It shall be the responsibility of the Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científica) to submit for the approval of the Administrative Board of Funbam, diagnoses, studies and projects that it considers technically and scientifically necessary to promote and achieve sustainable use, research, management, recovery, of marine and coastal resources, as well as to maintain or increase ecosystem services.
It shall be the responsibility of the Specialized Technical Execution Unit (Unidad Técnica Especializada de Ejecución), in accordance with the financial capacity and the mandate of the Administrative Board, to execute the actions, programs and projects approved by the Administrative Board of Funbam, at the instance of the Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científica).
4- The Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científica) shall be composed of nine members: one representative of the state universities, appointed from the shortlist submitted for consideration by the National Council of Rectors; one representative of the development associations of the Atlantic coastal zone and two from the Pacific; one representative of the chambers of producers of the national fisheries sector; one representative of the Ministry of Environment and Energy (Minae); one representative of the Costa Rican Institute of Fisheries and Aquaculture (Incopesca), one representative of non-governmental organizations, and one representative of Funbam, who carry out activities or work in marine-coastal matters.
5- The executive director of Funbam shall ensure the rational and effective execution of the annual budget of the Blue Fund, approved by the Administrative Board of Funbam, at the instance of the Technical-Scientific Advisory Committee (Comité de Asesoría Técnico-Científica).
6- The Foundation may administer public funds and shall be subject to the oversight of the Comptroller General of the Republic, in accordance with the provisions of Law 5338, Law of Foundations, of August 28, 1973. In addition, it must publicize the use made of said funds through a technological method accessible to all persons.
7- All funds raised or donated to the Blue Fund, coming from individuals or legal entities, public or private, shall be administered by Funbam. Funbam may receive public or private funds, donations or any type of financing, from any individual or legal entity, public or private, or coming from non-reimbursable international cooperation financial resources, according to the procedures and regulations approved by the Administrative Board and in accordance with the provisions of Law 5338, Law of Foundations, of August 28, 1973.
8- The public and private funds received by Funbam for the operation of the Blue Fund must be kept in differentiated and separate bank accounts for this purpose.
Public funds and those coming from private individuals or legal entities may not be maintained or reserved in the same bank account.
8.1- The execution budgets and the accounting of public funds and those coming from national or foreign individuals or legal entities, administered by Funbam for the operation and functioning of the Blue Fund, must comply with the provisions of the Comptroller General of the Republic and the regulations established in Law 5338, Law of Foundations, of August 28, 1973.
9- Funbam shall have the following obligations and responsibilities:
- a)Information regarding the administration of the Fund that is of a public nature shall be accessible to all persons and shall be available in a clear, understandable, truthful and reliable manner.
- b)In accordance with the principle of accountability and transparency, Funbam must submit a report regarding the management, administration and handling of public funds to the Comptroller General of the Republic, through a report detailing the resources invested in the projects and beneficiaries.