(1)There is
established in the division of financial services the financial services board, which
consists of five members appointed by the governor with the consent of the senate.
The financial services board is a type 1 entity, as defined in section 24-1-105.
(2)(a) There shall be three members who during their tenure are, and shall
remain, executive officers of state credit unions and shall have not less than five
years' practical experience as an active executive officer of a credit union.
(b)There shall be one member who during such member's tenure is, and
shall remain, the executive officer of a state savings and loan association and shall
have not less than five years' practical experience as an active executive officer of
a savings and loan association.
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(1) There is
established in the division of financial services the financial services board, which
consists of five members appointed by the governor with the consent of the senate.
The financial services board is a type 1 entity, as defined in section 24-1-105.
(2) (a) There shall be three members who during their tenure are, and shall
remain, executive officers of state credit unions and shall have not less than five
years' practical experience as an active executive officer of a credit union.
(b) There shall be one member who during such member's tenure is, and
shall remain, the executive officer of a state savings and loan association and shall
have not less than five years' practical experience as an active executive officer of
a savings and loan association.
(c) There shall also be one member to serve as a public member of the board
who shall have expertise in finance through current experience in business,
industry, agriculture, or education.
(d) Not more than three members shall be of the same major political party.
No member of the board shall have any interest, direct or indirect, in a financial
institution in which another member of the board shall have any such interest.
(3) The term of office of each member is four years; except that the terms
shall be staggered so that no more than three members' terms expire in the same
year. The governor may, after notice and hearing, remove a member for cause. Any
board member who is absent from three consecutive board meetings is subject to
immediate removal by the governor.
(4) Each member of the 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 therefor, which shall be filed with the department of personnel.
(5) The board shall meet at least once every three months. The chair of the
board may call additional meetings of the board upon at least seventy-two hours'
notice to all members of the board and shall do so upon the request of two
members. All members of the board shall be subject to immediate call in the event
of an emergency. Three members of the board shall constitute a quorum, and action
taken by a majority of those present at any meeting at which a quorum is present
shall be the action of the 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 articles 30 and 40 to 46 of this
title. In the event that less than a quorum of the board is present during the conduct
of the hearing, at least a quorum of the board shall read the entire record before
voting thereon. No member who is, or was at any time in the preceding twelve
months, a director, officer, partner, employee, member, or stockholder of a
corporation, partnership, or unincorporated association which is a party to a
proceeding before the board shall participate in such a proceeding. A member may
disqualify himself or herself from participating in a proceeding for any other cause
deemed by the member to be sufficient.
(6) A quorum may be established by means of a conference telephone call
which shall be recorded in the board's minutes. Upon the affirmative vote of a
majority of those present at any meeting at which a quorum is present, the board
may hold an executive session to consider certain matters required by statute to be
kept confidential under articles 30 and 40 to 46 of this title. Any agenda and the
minutes of executive sessions shall be kept confidential by the board.
(7) Such clerical, technical, and legal assistance as the board may require
shall be provided by the division.
(8) The members of the 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. Any person who
willfully violates this oath commits a class 2 misdemeanor.
(9) The board shall elect a chair from among its members to serve for a term
not exceeding two years, as determined by the board. No chair shall be eligible to
serve as such for more than two successive terms. In addition to the amounts
received pursuant to subsection (4) 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 board.
(10) Repealed.