H. B. 2065
(By Delegates Martin, Love, Wallace and L. White)
[Introduced February 10, 1993; referred to the
Committee on Government Organization.]
A BILL to amend and reenact section one, article three, chapter
thirty-one-a of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to continuation of
the board of banking and financial institutions.
Be it enacted by the Legislature of West Virginia:
That section one, article three, chapter thirty-one-a of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 3. BOARD OF BANKING AND FINANCIAL INSTITUTIONS.
§31A-3-1. Board created; appointment, qualifications, terms,
oath, etc., of members; quorum; meetings; when
members disqualified from participation;
compensation; records; office space; personnel;
continuation.
(a) There is hereby created the West Virginia board of
banking and financial institutions which shall consist of six
members and the commissioner, who shall be chairman. The sixmembers shall be appointed by the governor by and with the advice
and consent of the Senate. Three of the members shall be
executive officers of state banking institutions, of whom one
shall be truly representative of such state banking institutions
having assets not greater than seventy-five million dollars, one
shall be truly representative of such state banking institutions
having total assets greater than seventy-five million dollars but
not greater than two hundred million dollars, and one shall be
truly representative of such banking institutions having total
assets greater than two hundred million dollars. One member
shall be an executive officer of a financial institution other
than a banking institution. Two members shall represent the
public, neither of whom shall be an employee, officer, trustee,
director or stockholder of any financial institution. No member
shall hold any other office, employment or position with the
United States, any state, county, municipality or other
governmental entity, any instrumentality or agency of any of the
foregoing or with any political party.
(b) The members of the board shall be appointed for
overlapping terms of six years, except that of the original
appointments, two members shall be appointed for a term of two
years, two members shall be appointed for a term of four years
and two members shall be appointed for a term of six years, and
in every instance until their respective successors have been
appointed and qualified. Any member appointed for a full six-
year term may not be reappointed until two years after theexpiration of such term. Any member appointed for less than a
full six-year term shall be eligible for reappointment for a full
term. Before entering upon the performance of his duties, each
member shall take and subscribe to the oath required by section
5, article IV of the constitution of the state of West Virginia.
The governor shall, within sixty days following the occurrence of
a vacancy on the board, fill the same by appointing a person for
the unexpired term of, and meeting the same requirements for
membership as, the person vacating said office. Any member may
be removed by the governor in case of incompetency, neglect of
duty, gross immorality or malfeasance in office.
(c) A majority of the members of the board shall constitute
a quorum. The board shall meet at least once in each calendar
quarter on a date fixed by the board. The commissioner may, upon
his own motion, or shall upon the written request of three
members of the board, call additional meetings of the board upon
at least twenty-four hours' notice. No member shall participate
in a proceeding before the board to which a corporation,
partnership or unincorporated association is a party, and of
which he is, or was at any time in the preceding twelve months,
a director, officer, owner, partner, employee, member or
stockholder. A member may disqualify himself from participation
in a proceeding for any other cause deemed by him to be
sufficient. Each member shall receive fifty dollars for each day
or portion thereof spent in attending meetings of the board and
shall be reimbursed for all reasonable and necessary expensesincurred incident to his duties as a member of the board.
(d) The board shall keep an accurate record of all its
proceedings and make certificates thereupon as may be required by
law. The commissioner shall make available necessary office
space and secretarial and other assistance as the board may
reasonably require.
Pursuant to the provisions of section four, article ten,
chapter four of this code,
and following a preliminary
performance audit review conducted through the joint committee on
government operations, the West Virginia board of banking and
financial institutions shall continue to exist until the first
day of July, one thousand nine hundred
ninety-three ninety-nine.
to allow for the completion of an audit by the joint committee on
government operations
NOTE: This bill provides for the continuation of the Board
of Banking and Financial Institutions until July 1, 1999, the
maximum period of time allowed under the Sunset Law.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
This bill is recommended by the Joint Committee on
Government Operations for passage at the 1993 Regular Session.