CHAPTER 259

INCREASING SIZE OF BANK ADVISORY BOARD

AN ACT TO AMEND CHAPTER 66, REVISED CODE OF DELAWARE, 1935, AS AMENDED, RELATING TO "BANKS, SAVINGS SOCIETIES AND TRUST COMPANIES," BY INCREASING THE SIZE OF THE BANK ADVISORY BOARD; QUALIFICATIONS AND COMPENSATION.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 66, Revised Code of Delaware, 1935, as amended, be and the same is hereby further amended by striking out and repealing the first paragraph of 2288. Sec. 31. and by inserting in lieu thereof a new paragraph as follows:

2288. Sec. 31. A Bank Advisory Board is created. The said Board shall consist of the State Bank Commissioner as Chairman and six (6) members, not more than three of whom shall be of the same political party, to be appointed by the Governor, by and with the consent of the Senate. One member shall be from the City of Wilmington, one member from New Castle County, outside of the City of Wilmington, one member from Kent County, one member from Sussex County and two members at large. At least four members shall be executive officers of banking organizations and the others shall be persons who have standing and experience in the business of banking and trust companies in the State of Delaware. Not more than three members shall be from the same county. The first appointments shall be for the following terms, as designated by the Governor: Three members for a term of two years and three members for a term of four years. Thereafter the term of each member shall be four years. The Governor may, after notice and hearing, remove a member for cause. Members of the Board shall receive reimbursement for necessary expenses incurred in the discharge of their duties including mileage at the rate of six cents ($.06) per mile and in addition Ten Dollars ($10.00) each day, or part thereof, spent in the performance of duty. Such expenses shall be paid by the State Treasurer when and if vouchers, therefore, shall be presented by the Commissioner. Said expenses shall be deemed a part of the expenses of the Banking Department. The Board shall meet at least quarterly but the Commissioner may call additional meetings of the Commission and shall do so upon the request of two members. A majority of the Commission shall constitute a quorum. No member shall participate in a proceeding before the Commission in which any corporation, partnership or unincorporated association of which he is a director, officer or partner, employee, member or stockholder is a party.

Approved June 5, 1951.