§ 79 — Board, terms of office

Illinois § 79

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 5/: Illinois Banking Act.

Text

The terms of office of the State Banking Board of Illinois shall be 4 years, except that the initial Board appointments shall be staggered with the Governor initially appointing, with advice and consent of the Senate, 3 members to serve 2-year terms, 4 members to serve 3-year terms, and 4 members to serve 4-year terms. The sitting member from a savings bank organized under the Savings Bank Act and the alternate member from a savings bank organized under the Savings Bank Act shall be appointed for the same terms of office. Members shall continue to serve on the Board until their replacement is appointed and qualified. Vacancies shall be filled by appointment by the Governor with advice and consent of the Senate. No State Banking Board member shall serve more than 2 full 4-year terms of office.

Legislative History

(Source: P.A. 100-783, eff. 8-10-18.)