ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 489
(Senators Minard, Jenkins and McCabe, original sponsors)
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[Passed April 7, 2009; in effect ninety days from passage.]
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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 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) The West Virginia Board of Banking and Financial
Institutions 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. 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 of their
instrumentalities or 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. 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. 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 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 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 required by the board.