§ 42-116-38. Depositor's advisory board.
(a) There is created a three (3) member depositor's advisory board. Members of the board
shall be depositors in financial institutions which were closed as of January 1, 1991,
and which are currently in receivership. One member shall be appointed by the house
majority leader. One member shall be appointed by the president of the senate. One
member shall be appointed by the governor. Each member shall serve a term of two (2)
years as his or her successor is appointed. Members of the board shall serve without
compensation. It shall be the role of the depositor's advisory board to give advice
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§ 42-116-38. Depositor's advisory board.
(a) There is created a three (3) member depositor's advisory board. Members of the board
shall be depositors in financial institutions which were closed as of January 1, 1991,
and which are currently in receivership. One member shall be appointed by the house
majority leader. One member shall be appointed by the president of the senate. One
member shall be appointed by the governor. Each member shall serve a term of two (2)
years as his or her successor is appointed. Members of the board shall serve without
compensation. It shall be the role of the depositor's advisory board to give advice
to the Rhode Island depositors economic protection corporation concerning rules and
regulations and legislation affecting the banking crisis; to study the effects, both
long term and short term, of the banking crisis; to recommend to the corporation special
studies and projects which it feels are needed to expedite a solution to the banking
crisis. The board shall report its findings to the governor in January of each year.
(b) The board shall, at regular intervals, conduct business meetings for the purpose of
carrying out its general business, and the meetings shall be open to the public and
all records and minutes will be a matter of public record.