§ 19-1-2 - Board of bank incorporation.
SECTION 19-1-2
§ 19-1-2 Board of bank incorporation.– (a) There is hereby authorized, created and established within the departmentof business regulation a five (5) member board of bank incorporation,(hereinafter the "board"), all of whom shall be voting members and servewithout compensation. Three (3) who serve as ex-officio shall be the directorof the department of business regulation (hereinafter the "director") or his orher designee, the general treasurer or his or her designee, and the attorneygeneral or his or her designee. The other two (2) members of the board shall bemembers of the general public qualified by training or experience in the fieldsof finance or banking, appointed by the governor with the advice and consent ofthe senate. In appointing public members pursuant to this section, the governorshall solicit and give due consideration of the recommendations of the generaltreasurer with respect thereto. The designee of a member serving as ex-officioshall be a subordinate from within the department of the ex-officio member andshall represent him or her at all meetings of the board. No one shall beeligible for public appointment unless he or she is a resident of this state.The board shall elect a chair and may elect from among its own members suchother officers as they deem necessary.
(ii) The board is a public policy appellate board establishedto consider appeals from a decision of the director or the director's designeeconcerning major banking matters which affect the citizens and tax base of thestate and to exercise the powers and perform the duties conferred or imposedupon it by this title.
(iii) Newly appointed and qualified public members anddesignees of ex-officio members shall, within six (6) months of theirqualification or designation, attend a training course that shall be developedwith board approval and conducted by the director or his or her designee andshall include instruction in the provisions of chapters 19-1, 42-46, 36-14, and38-2 of Rhode Island general laws; and the board's rules and regulations. Thedirector of the department of administration shall, within ninety (90) days ofthe effective date of this act, prepare and disseminate training materialsrelating to the provisions of chapters 42-46, 36-14 and 38-2.
(iv) Public members of the board shall be removable by theappointing authority for cause only, and removal solely for partisan orpersonal reasons unrelated to capacity or fitness for the office shall beunlawful.
(v) Three (3) members of the board of bank incorporationshall constitute a quorum for the transaction of business. A majority vote ofthose present shall be required for action. No vacancy in the membership of theboard shall impair the right of a quorum to exercise all of the rights andperform all of the duties of the board. Any vacancy which may occur in theboard shall be filled by the governor with the advice and consent of thesenate, for the remainder of the unexpired term in the same manner as themember's predecessor as prescribed in this section.
(vi) Those members of the board as of the effective date ofthis act who are members of the general assembly shall cease to be members ofthe board on the effective date of this act, and the governor shall thereuponnominate one new member who shall serve an initial term of three (3) years andone new member who shall serve an initial term of four (4) years. Thereafter,all appointed members of the board shall be appointed to terms of four (4)years and be eligible for reappointment.
(b) The board of bank incorporation may adopt, and amend fromtime to time, rules and regulations for the orderly conduct of its affairs andfor the administration of its duties pursuant to this title. The board of bankincorporation shall collect a filing fee with respect to applications submittedto it. All fees pursuant to this section shall be paid to the director, to andfor the use of the board of bank incorporation. The fees to be charged for eachtype of application shall be established annually at the board of bankincorporation's first public hearing. The board of bank incorporation shallpublish notice of its proposed fee structure at least once a week for three (3)successive weeks in a newspaper of general circulation.
(ii) Within ninety (90) days after the end of each fiscalyear during which the board has conducted business, the board shall approve andsubmit an annual report to the governor, the speaker of the house ofrepresentatives, the president of the senate, and the secretary of state of itsactivities during that fiscal year. The report shall provide: an operatingstatement summarizing meetings or hearings held, meeting minutes if requested,subjects addressed, decisions rendered, rules or regulations promulgated,studies conducted, policies and plans developed, approved, or modified, andprograms administered or initiated; a consolidated financial statement of allfunds received and expended including the source of the funds, a listing of anystaff supported by these funds, and a summary of any clerical, administrativeor technical support received; a summary of performance during the previousfiscal year including accomplishments, shortcomings and remedies; a synopsis ofhearings, complaints, suspensions, or other legal matters related to theauthority of the board; a summary of any training courses held pursuant tosubsection 19-1-2(a)(iv); a briefing on anticipated activities in the upcomingfiscal year; and findings and recommendations for improvements. The reportshall be posted electronically on the general assembly and the secretary ofstate's websites as prescribed in § 42-20-8.2 of the Rhode Island generallaws. The director of the department of administration shall be responsible forthe enforcement of this provision.