COMMITTEE SUBSTITUTE
FOR
H. B. 2518
(By Moore, Kominar, Perry,
Barker, Carmichael and Ashley)
(Originating in the Committee on Finance)
[February 19, 2007]
A BILL to amend and reenact §31A-3-1 of the Code of West Virginia,
1931, as amended, relating to providing that the per diem
compensation for members of the Board of Banking and Financial
Institutions shall be the same as the amount set by law for
legislators attending to interim duties and that actual
expenses will be paid as established by the Travel Management
Office of the Department of Administration.
Be it enacted by the Legislature of West Virginia:
That §31A-3-1 of the Code of West Virginia, 1931, 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 six members 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. After the first day of July, two thousand
six, when a vacancy occurs among the executive officers of state
banking institutions the commissioner shall list all state banking
institutions according to each bank's asset size and then divide
the list into three groups so that there is an equal number of
banking institutions in each group. The vacancy shall then be
filled from the appropriate group to ensure that each group has a
representative on the board. 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 owner of
five percent or more of the outstanding shares 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 the expiration 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 or her duties, each member shall take and
subscribe to the oath required by section five, article IV of the
Constitution of this state. 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 or her 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 or she 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 or herself from participation in a
proceeding for any other cause deemed by him or her 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 expenses
incurred incident to his or her duties as a member of the board.
(d) Each member is entitled to receive compensation for
attending official meetings or engaging in official duties not to
exceed the amount paid to members of the Legislature for their
interim duties as recommended by the Citizens Legislative
Compensation Commission and authorized by law.
(e) The board shall reimburse actual and necessary expenses
incurred for each day or portion of a day engaged in the discharge
of official duties in a manner consistent with guidelines of the
Travel Management Office of the Department of Administration.
(d) (f) 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.