§ 5-13-12-2 — Membership; term; officers; quorum; conduct of meetings; notice; proceedings; executive sessions; records

(a) The board for depositories consists of the
governor, the treasurer of state, the state comptroller, the chairperson
of the department of financial institutions, the chief examiner of the
state board of accounts, and four (4) appointed members. For
appointments after June 30, 2010, one (1) member shall be appointed
by the speaker of the house of representatives, one (1) member shall be
appointed by the president pro tempore of the senate, and two (2)
members shall be appointed by the governor. All appointed members
must be residents of Indiana. The speaker of the house of
representatives shall make the appointment to fill the first vacancy on
the board, and the president pro tempore of the senate shall make the
appointment to fill the second vacancy on the board that occurs after
June 30, 2010. For appointments after June 30, 2010, all four (4)
appointed members must be a chief executive officer or a chief
financial officer of a depository at the time of the appointment if the
depository is domiciled in Indiana. If the depository is not domiciled in
Indiana, the appointee must be the most senior corporate officer of the
depository with management or operational responsibility, or both, or
the person designated to manage public funds for the depository that is
located in Indiana. In making the governor's appointments, the
governor shall provide for geographic representation of all regions of
Indiana, including both urban and rural communities. In addition, the
appointees must, at the time of the appointment, be employed by the
following depositories:
(1) One (1) member appointed by the governor who must be the
chief executive officer or the chief financial officer of a
depository that is a state chartered credit union.
(2) One (1) member appointed by the governor who must be
employed by a depository that:
(A) is not a state chartered credit union; and
(B) has total deposits of less than two hundred fifty million
dollars ($250,000,000).
(3) The member appointed by the president pro tempore of the
senate must be employed by a depository that:
(A) is not a state chartered credit union; and
(B) has total deposits of at least two hundred fifty million
dollars ($250,000,000) but less than one billion dollars
($1,000,000,000).
(4) The member appointed by the speaker of the house of
representatives must be employed by a depository that:
(A) is not a state chartered credit union; and
(B) has total deposits of at least one billion dollars
($1,000,000,000).
Total deposits shall be determined using the depository's reported
deposits based on the information contained in the most recent June
30th FDIC Summary of Deposits, Market Share Selection for Indiana.
The term of an appointed member is four (4) years from the effective
date of the member's appointment. Each appointed member holds
office for the term of this appointment and serves after the expiration
of that appointment until the member's successor is appointed and
qualified. An appointed member may be reappointed if the individual
satisfies the requirements of this subsection at the time of the
reappointment. Any appointed member may be removed from office
by, and at the pleasure of, the appointing authority.
(b) The officers of the board consist of a chairman, a
secretary-investment manager, a vice chairman, and other officers the
board determines to be necessary. The governor shall name a member
of the board to serve as its chairman. The treasurer of state shall serve
as the secretary-investment manager of the board. The board, by
majority vote, shall elect the other officers. Officers, except the
secretary-investment manager, shall be named or elected for one (1)
year terms in January of each year. The members and officers of the
board are not entitled to any compensation for their services but are
entitled to reimbursement for actual and necessary expenses on the
same basis as state employees.
(c) Five (5) members of the board constitute a quorum for the
transaction of business, and all actions of the board must be approved
by at least a simple majority of those members voting on each
individual business issue. The board may adopt, amend, or repeal
bylaws and rules for the conduct of its meetings and the number and
times of its meetings. The board shall hold a regular meeting at least
once semiannually and may hold other regular and special meetings as
prescribed in its rules. All meetings of the board are open to the public
under IC 5-14-1.5. However, the board shall discuss the following in
executive session:
(1) The financial strength of a particular financial institution.
(2) The collateral requirements of a particular financial
institution.
(3) Any other matters concerning a particular financial institution.
All records of the board are subject to public inspection under IC 5-14-3. However, records regarding matters that are discussed in
executive session are confidential.
(d) Two (2) days notice of the time and place of all meetings to
determine and fix the assessment rate to be paid by depositories on
account of insurance on public funds or the establishment or
redetermination of the reserve for losses of the insurance fund shall be
given by one (1) publication in a newspaper of general circulation
printed and published in the city of Indianapolis. The time, place,
notice, and waiver requirements for the members of the board for all
meetings shall be determined by its rules. The secretary-investment
manager of the board shall enter the board's proceedings at length in a
record provided for that purpose, and the records of the proceedings
shall be approved and signed respectively by the chairman or vice
chairman and attested by the secretary-investment manager.

Legislative History

As added by P.L.19-1987, SEC.14. Amended by P.L.115-2010, SEC.13; P.L.134-2012, SEC.8; P.L.9-2024, SEC.141; P.L.213-2025, SEC.65.