ENROLLED
H. B. 2478
(By Delegates Douglas,
Collins, Prunty,
H. White, Hatfield and Stalnaker
)
[Passed February 23, 1999; in effect ninety days from passage.]
AN ACT 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 continuing 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 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, 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 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 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 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 expenses incurred 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,
two thousand five.