6-01-03. State banking board and state credit union board

6-01-03. State banking board and state credit union board

1. The state banking board consists of the commissioner and six members to be

appointed by the governor, four of whom must each have had at least five years'

experience in an executive capacity in the management of a state bank in the state of

North Dakota, one of whom must have at least five years' experience in an executive

capacity in the management of any state or national bank in North Dakota, and one of

whom must be a laymember from the public at large. The term of office of the

members of the board, other than the commissioner, is for a period of five years. In

case of a vacancy in the board, by death, resignation, or removal of an appointed

member, the vacancy must be filled by appointment by the governor for the unexpired

term. The commissioner is the chairperson of the board and the attorney general is,

ex officio, the attorney for the board. The assistant commissioner shall serve as its

secretary. The board shall hold regular meetings in January, March, May, July,

September, and November of each year and special meetings at the call of the

commissioner in such place as the commissioner may designate within the state of

North Dakota. The members of the board, other than the commissioner, shall receive

one hundred dollars per day while attending meetings, or in the performance of such

special duties as the board may direct. Expense reimbursements for meals, lodging,

and transportation must be at the same rate as those allowed state employees.

2. The state credit union board consists of the commissioner and four members to be

appointed by the governor. Two of the members of the state credit union board must

have at least five years' experience as an officer, director, or committee member of a

North Dakota state-chartered credit union, one member of the board must have had at

least five years' experience as an officer, director, or committee member of a

state-chartered or a federally chartered credit union, and one member of the board

must be a laymember from the public at large. The term of office of appointed board

members is five years. In case of a vacancy in the board, by death, resignation, or

removal of an appointed member, the governor shall appoint an individual to fill the

vacancy for the unexpired term. The commissioner chairs the board and the attorney

general is, ex officio, the attorney for the board. The assistant commissioner shall

serve as its secretary. The members of the state credit union board are entitled to

receive the same remuneration as is provided for the members of the state banking

board. The state credit union board shall hold meetings in March, June, September,

and December of each year and special meetings at the call of the commissioner in

such places as the commissioner may designate within the state.

3. The word "board" when used in this title includes the state banking board and the state

credit union board.