(1)There is established in the division a banking
board, which consists of nine members appointed by the governor, with the consent
of the senate, as follows:
(a)Five members who during their tenure are, and must remain, executive
officers of state banks, each of whom must have not less than five years' practical
experience as an active executive officer of a bank. At least two of such members
must, at the time of their appointment, represent banks in the fortieth percentile of
state banks based on total asset size.
(b)One member who during the member's tenure is, and must remain, an
executive officer of a business licensed pursuant to article 110 of this title 11;
(c)One member who during the member's tenure is, and must remain, the
executive officer of a trust company; and
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(1) There is established in the division a banking
board, which consists of nine members appointed by the governor, with the consent
of the senate, as follows:
(a) Five members who during their tenure are, and must remain, executive
officers of state banks, each of whom must have not less than five years' practical
experience as an active executive officer of a bank. At least two of such members
must, at the time of their appointment, represent banks in the fortieth percentile of
state banks based on total asset size.
(b) One member who during the member's tenure is, and must remain, an
executive officer of a business licensed pursuant to article 110 of this title 11;
(c) One member who during the member's tenure is, and must remain, the
executive officer of a trust company; and
(d) Two members who serve as public members of the banking board who
have expertise in finance through their current experience in business, industry,
agriculture, or education.
(2) No member of the banking board shall have any interest, direct or
indirect, in a bank in which another member of the banking board has any such
interest. Not more than one of the members shall be an executive officer or
employee of any one bank holding company or affiliate thereof.
(3) Of the members appointed under subsection (1) of this section, at all
times at least one must reside west of the continental divide.
(4) The term of office of each member is four years. In the event of the death,
resignation, inability to act, or refusal to act of any member of the banking board, or
the occurrence of any other event that disqualifies the member from serving the
remainder of the member's term on the banking board, the governor, within forty-five days thereafter, or, in the event of the governor's failure to act, the banking
board shall make an interim appointment of a member to serve for the unexpired
term on the banking board, subject to the consent of the senate. The governor may
remove a member for cause. Any banking board member who is absent from three
consecutive banking board meetings is subject to immediate removal by the
governor.
(5) Each member of the banking board shall receive the same per diem
compensation and reimbursement of expenses as those provided for members of
boards and commissions in the division of professions and occupations pursuant to
section 12-20-103 (6). Payment for all such expenses and allowances shall be made
upon vouchers, which shall be filed with the department of personnel.
(6) The banking board shall meet at least once in each calendar month. The
chair of the banking board may call additional meetings of the banking board upon
at least seventy-two hours' notice to all members of the banking board and shall do
so upon the request of two members. All members of the banking board are subject
to immediate call in the event of an emergency. Four members of the banking board
constitutes a quorum, and action taken by a majority of those present at any
meeting at which a quorum is present is the action of the banking board. Upon the
affirmative vote of a majority of those present at any meeting at which a quorum is
present, one or more members may be authorized to conduct any hearing required
under this code. In the event that less than a quorum of the banking board is
present during the conduct of the hearing, at least a quorum of the banking board
shall read the entire record before voting thereon. A member shall not participate in
a proceeding before the banking board when any corporation, partnership, or
unincorporated association of which the member is, or was at any time in the
preceding twelve months, a director, officer, partner, employee, member, or
stockholder is a party to such proceedings. A member may disqualify oneself from
participating in a proceeding for any other cause deemed by the member to be
sufficient.
(7) A quorum may be established by means of remote participation, which
must be recorded in the banking board's minutes. Upon the affirmative vote of a
majority of those present at any meeting at which a quorum is present, the banking
board may hold an executive session to consider certain matters required by
statute to be kept confidential under this code. Any agenda and the minutes of
executive sessions shall be kept confidential by the banking board.
(8) The division shall provide such clerical, technical, and legal assistance as
the banking board may require.
(9) The members of the banking board shall, before entering upon the
discharge of their duties, in addition to any oath required by the state constitution,
take and subscribe an oath to keep secret all information acquired by them in the
discharge of their duties, except as may be otherwise required by law. Willful
violation of this oath shall be a criminal offense.
(10) The banking board shall elect a chair from among its members to serve
for a term not exceeding two years, as determined by the banking board. No chair is
eligible to serve as such for more than two successive terms. In addition to the
amounts received pursuant to subsection (5) of this section, the chair shall receive
per diem compensation and reimbursement of expenses in the amounts provided by
section 12-20-103 (6) for each day spent in attending to the duties of the banking
board.
(11) The banking board may enter into contracts with temporary employees
and for the provision of such other services as it may deem necessary in accordance
with section 13 of article XII of the state constitution.
(12) Repealed.