ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 181
(Senators Minard, Yoder and Kessler, original sponsors)
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[Passed March 6, 2007; to take effect July 1, 2007.]
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AN ACT 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.
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 continued; appointment, qualifications, terms,
oath, etc., of members; quorum; meetings; when members
disqualified from participation; compensation;
records; office space; personnel; continuation.
(a) There is continued 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. 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 and in every instance shall serve
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 that term.
Any member appointed for less than a full six-year term is 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
vacancy by appointing a person for the unexpired term of, and
meeting the same requirements for membership as, the person
vacating the 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 constitutes 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 determined by him or her to be
sufficient. Each member shall receive compensation in an amount
equal to that authorized by section five, article two-a, chapter
four of this code for members of the Legislature for interim duties
for each day or portion thereof spent in attending meetings of the
board and shall be reimbursed for all reasonable and necessary
actual expenses incurred incident to his or her duties as a member
of the board
not to exceed the amount authorized for expenses by
section five, article two-a, chapter four of this code for the
members of the Legislature for interim duties
.
(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.
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