COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 181
(By Senators Minard, Yoder and Kessler)
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[Originating in the Committee on Finance;
reported February 14, 2007.]
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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 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 hereby created 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. After the first day of
July, two thousand six, when 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 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
such that term. Any member appointed for less than a full six-year
term shall be 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 same vacancy by appointing a person for the
unexpired term of, and meeting the same requirements for membership
as, the person vacating said 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 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 determined by him or her to
be sufficient. Each member shall receive fifty dollars
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.
(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.