COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 489
(By Senators Minard, Jenkins and McCabe)
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[Originating in the Committee on Finance;
reported March 19, 2009.]
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A BILL to amend and reenact §31A-3-1 of the Code of West Virginia,
1931, as amended, relating to providing reimbursement to
members of Board of Banking and Financial Institutions for
actual reasonable expenses for attending meetings in
accordance with the regulations and policies of the State
Purchasing Division.
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 The West Virginia Board of Banking
and Financial Institutions
which is continued and 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 A member shall
not hold any other
office, employment or position with the United States, any state,
county, municipality or other governmental entity
or any
instrumentality of their instrumentalities or
agency of any of the
foregoing agencies 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 The Governor
may remove any member 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 A member shall
not 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 of a day 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 as
determined in accordance with regulations and policies issued by
the travel management unit of the state Purchasing Division.
(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 required by the board
may
reasonably require.