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|
As Passed by the House
123rd General Assembly
Regular Session
1999-2000 | Am. Sub. H. B. No. 510 |
REPRESENTATIVES EVANS-HOUSEHOLDER-VERICH-SCHULER-SALERNO-
BARNES-MYERS-CAREY-TIBERI-BUCHY-JOLIVETTE-HARTNETT-STEVENS-
FLANNERY-OLMAN-HOLLISTER-AUSTRIA-PETERSON-REDFERN
A BILL
To amend sections 1155.13, 1163.16, 1181.16, and 1733.32, to enact new
sections 1733.329 and 1733.3210 and section 1181.17, and to repeal sections
1733.329 and 1733.3210 of the
Revised Code to revise the qualifications and duties of members of
the Savings and Loan Associations and Savings Banks Board and the Credit Union
Council.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 1155.13, 1163.16, 1181.16, and 1733.32 be amended and
new sections 1733.329 and 1733.3210 and section 1181.17 of the Revised Code be
enacted to read as follows:
Sec. 1155.13. (A)(1) Each savings and loan association subject
to inspection and examination by the superintendent of financial institutions
and transacting business in this state as of the thirty-first day of
December of the prior fiscal year, or the savings and loan
association's successor in interest, shall pay annual assessments to the
superintendent as provided in this section.
(2) After determining the budget of the division of financial institutions
for examination and regulation of savings and loan associations, but prior to
establishing the annual assessment amount necessary to fund that budget, the
superintendent shall include any amounts collected but not yet expended or
encumbered by the superintendent in the previous fiscal year's budget and
remaining in the savings
institutions fund from the amount to be
assessed. Based upon the resulting budget amount
AND UPON CONFIRMATION OF THE SCHEDULE OF ASSESSMENTS BY THE
SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS BOARD, the superintendent
shall
make an assessment upon each savings and loan association based on the total
assets as shown on the books of the savings and loan association as of the
thirty-first day of December of the previous fiscal year. The
assessments shall be collected on an annual or periodic basis within the
fiscal year, as determined by the superintendent.
(3) ANNUALLY AND PRIOR TO MAKING ANY ASSESSMENT PURSUANT TO DIVISION
(A)(2) OF THIS SECTION, THE SUPERINTENDENT SHALL
PRESENT TO THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS BOARD FOR
CONFIRMATION A SCHEDULE OF THE ASSESSMENTS TO BE BILLED SAVINGS AND LOAN
ASSOCIATIONS PURSUANT TO DIVISION (A)(2) OF THIS SECTION.
(4) A savings and loan association authorized by the superintendent
to commence business in the period between assessments shall pay the actual
reasonable costs of the division's examinations and visitations.
(B) Assessments and fees charged pursuant to this section shall
be paid within fourteen days after receiving an invoice for payment of the
assessment or fee.
Any assessment or fee collected is not refundable.
(C) The superintendent shall pay all assessments and fees charged
pursuant to this section and all forfeitures required to be paid to the
superintendent into the state treasury to the credit of the savings
institutions fund established under
section 1181.18 of the Revised Code.
(D) Any money deposited into the state treasury to the credit of
the savings institutions
fund, but not expended or encumbered by the
superintendent to defray the costs of administering
Chapters 1151. to
1157. of the Revised Code, shall remain in the savings institutions fund
for expenditures by the
superintendent in subsequent years in the
administration of Chapters 1151. to 1157. of the Revised Code.
Sec. 1163.16. (A)(1) Each savings bank subject
to inspection and examination by the superintendent of financial institutions
and transacting business in this state as of the thirty-first day of
December of the prior fiscal year, or the savings bank's successor in
interest, shall pay annual assessments to the
superintendent as provided in this section.
(2) After determining the budget of the division of financial institutions
for examination and regulation of savings banks, but prior to
establishing the annual assessment amount necessary to fund that budget, the
superintendent shall include any amounts collected but not yet expended or
encumbered by the superintendent in the previous fiscal year's budget and
remaining in the savings institutions fund from the amount
to be assessed. Based upon the resulting budget amount
AND UPON CONFIRMATION OF THE SCHEDULE OF ASSESSMENTS BY THE
SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS BOARD, the superintendent
shall make an assessment upon each savings bank based on the total
assets as shown on the books of the savings bank as of the
thirty-first day of December of the previous fiscal year. The
assessments shall be collected on an annual or periodic basis within the
fiscal year, as determined by the superintendent.
(3) ANNUALLY AND PRIOR TO MAKING ANY ASSESSMENT PURSUANT TO DIVISION
(A)(2) OF THIS SECTION, THE SUPERINTENDENT SHALL
PRESENT TO THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS BOARD FOR
CONFIRMATION A SCHEDULE OF THE ASSESSMENTS TO BE BILLED SAVINGS BANKS
PURSUANT TO DIVISION (A)(2) OF THIS SECTION.
(4) A savings bank authorized by the superintendent to
commence business in the period between assessments shall pay the actual
reasonable costs of the division's examinations and visitations.
(B) Assessments and fees charged pursuant to this section shall
be paid within fourteen days after receiving an invoice for payment of the
assessment or fee.
Any assessment or fee collected is not refundable.
(C) The superintendent shall pay all assessments and fees charged
pursuant to this section and all forfeitures required to be paid to the
superintendent into the state treasury to the credit of the savings
institutions fund established under section 1181.18
of the Revised Code.
(D) Any money deposited into the state treasury to the credit of
the savings institutions fund, but not expended or
encumbered by the
superintendent to defray the costs of administering Chapters 1161. to
1165. of the Revised Code, shall remain in the savings
institutions fund for expenditures by the superintendent in subsequent
years in the administration of Chapters 1161. to 1165. of the Revised Code.
Sec. 1181.16. (A) There is hereby created a savings
and loan associations and savings banks board which shall consist of seven
members. The deputy superintendent for savings and
loan associations and savings banks shall be a member of
the board and its chairperson and
executive head. The governor, with the advice and consent of the senate,
shall appoint the remaining six
members, and the governor may remove any of them whenever in the
governor's judgment the
public interest requires removal. Upon such removal the governor shall file
with the superintendent of financial institutions a statement of the
cause thereof.
(B) After the second Monday in January of each
year, the governor shall appoint two members. Terms of office shall be for
three years commencing on the first day of February and ending on the
thirty-first day of January. Each member shall hold office from the
date of appointment until the end of the term for which
the member was appointed. In the case of a vacancy in the office of
any such member, the governor shall
appoint a successor who shall hold office for the remainder of the term for
which the successor's predecessor was appointed. Any member
shall continue in office subsequent to the expiration date of
the member's term until the member's successor takes
office, or until a period of sixty days has elapsed, whichever occurs first.
(C) No person appointed as a member of such board may serve more
than two full consecutive terms.
HOWEVER, A MEMBER MAY SERVE TWO FULL CONSECUTIVE TERMS FOLLOWING
THE REMAINDER OF A TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A
VACANCY.
(D)(1) At least two of the six appointive members of the savings and
loan associations and savings banks board shall have had savings and loan
association experience in a savings and loan association organized and
transacting business under the laws of this state AUTHORITY GRANTED
BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(E)(2) At least two of the six appointive members of the
savings and
loan associations and savings banks board shall have had savings banks
experience in a savings bank organized and transacting business under the
laws
of this state AUTHORITY GRANTED BY THE SUPERINTENDENT.
(F) Two appointed members of the savings and loan associations
and savings banks board shall represent the public and shall not at the time
of appointment or during the term of appointment be engaged in the management
or direction of a financial institution or have a financial interest in a
financial institution other than as a customer or member of the financial
institution. For purposes of this division, "financial institution"
includes a credit union, bank, savings and loan association, and savings
bank.
(G) A majority of the board shall constitute a quorum and action
taken by a majority of those present at any meeting at which a quorum is
present shall be the action of the board.
No member shall participate in a proceeding before the board involving any
savings and loan association or savings bank of which the
member is or was at any time
in the preceding twelve months a member of the board of directors, officer,
employee, or stockholder. A member may disqualify himself or herself
from participating in a proceeding for any other cause deemed by
the member to be sufficient.
(E) NO PERSON WHO HAS BEEN CONVICTED OF, OR PLEADED GUILTY TO, A
FELONY INVOLVING DISHONESTY OR BREACH OF TRUST SHALL TAKE OR HOLD
OFFICE AS A MEMBER OF THE SAVINGS AND LOAN ASSOCIATIONS AND
SAVINGS BANKS BOARD.
(F) THE MEMBERS OF THE BOARD SHALL
RECEIVE NO SALARY, BUT THEIR EXPENSES INCURRED IN THE PERFORMANCE OF THEIR
DUTIES SHALL BE PAID FROM FUNDS APPROPRIATED FOR THAT PURPOSE.
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS APPOINTED TO
THE BOARD WHENEVER IN THE
GOVERNOR'S JUDGMENT THE
PUBLIC INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE BOARD, THE
GOVERNOR SHALL FILE
WITH THE SUPERINTENDENT A STATEMENT OF THE
CAUSE FOR REMOVAL.
(H)(1) The savings and loan associations and savings banks board
shall hold regular meetings at such times and places as it fixes, BUT AT
LEAST ONCE EVERY SIX MONTHS, and shall
meet at any time on call of the deputy superintendent for
savings and loan associations and savings banks upon two
days' notice unless the board by resolution provides
for a shorter notice. The members of the board shall
receive no salary, but their expenses incurred in the performance of their
duties shall be paid from funds appropriated therefor.
(2) A MAJORITY OF THE FULL BOARD CONSTITUTES A QUORUM AND ACTION
TAKEN BY A MAJORITY OF THOSE PRESENT AT ANY MEETING AT WHICH A QUORUM IS
PRESENT SHALL BE THE ACTION OF THE BOARD.
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE BOARD INVOLVING
ANY SAVINGS AND LOAN ASSOCIATION OR SAVINGS BANK OF WHICH THE
MEMBER IS OR WAS AT ANY TIME
IN THE PRECEDING TWELVE MONTHS A MEMBER OF THE BOARD OF DIRECTORS, OFFICER,
EMPLOYEE, OR STOCKHOLDER. A MEMBER MAY DISQUALIFY HIMSELF OR HERSELF
FROM PARTICIPATING IN A PROCEEDING FOR ANY OTHER CAUSE DEEMED BY
THE MEMBER TO BE SUFFICIENT.
(4) The board may, by a majority vote OF THOSE PRESENT AT A
MEETING AT WHICH THERE IS A QUORUM, adopt and amend such bylaws
and rules as THE BOARD,
in its judgment are, CONSIDERS necessary and proper. It
shall select one of its members
as secretary, who shall keep a record of all its proceedings.
(I) The savings and loan associations and savings banks board
may:
(a) Consider and make recommendations upon any matter addressed
in Chapters 1151., 1153., 1155., 1157.,
1161., 1163., and 1165., which the superintendent of
financial institutions or deputy superintendent for savings
and loan associations and savings banks submits to it for that purpose, and
pass upon and determine any matter which the superintendent or
deputy superintendent submits to it for determination; and
(b) Submit to the governor proposed amendments to the laws of
this state governing savings and loan associations and savings banks.
(J) Neither the deputy superintendent for savings and loan
associations and savings banks, nor any other member of the savings and loan
associations and savings banks board, shall be liable, in any civil or
criminal action or proceeding, for any mistake of
judgment or discretion in any action taken, or in any omission made, by
the deputy superintendent or other member in good faith.
Sec. 1181.17. THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS
BANKS BOARD SHALL DO ALL OF THE
FOLLOWING:
(A) MAKE RECOMMENDATIONS TO THE
SUPERINTENDENT OF FINANCIAL INSTITUTIONS AND THE DEPUTY SUPERINTENDENT
FOR SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS ON MATTERS RELATING TO THE
BUSINESS OF SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS;
(B) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER ADDRESSED
IN
CHAPTERS 1151., 1153., 1155., 1157., 1161., 1163., AND 1165. OF THE
REVISED CODE THAT THE SUPERINTENDENT OR DEPUTY
SUPERINTENDENT SUBMITS TO THE BOARD FOR THAT
PURPOSE;
(C) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT OR
DEPUTY SUPERINTENDENT SUBMITS TO THE BOARD FOR DETERMINATION;
(D) SUBMIT TO THE GOVERNOR PROPOSED AMENDMENTS TO THE SAVINGS AND
LOAN
ASSOCIATIONS OR SAVINGS BANKS LAWS OF THIS STATE;
(E) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE ANNUAL SCHEDULE
OF
ASSESSMENTS PROPOSED BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN
ACCORDANCE WITH DIVISION (A) OF SECTIONS 1155.13 AND 1163.16 OF THE
REVISED CODE.
Sec. 1733.32. (A)(1) The superintendent of financial institutions
shall see that the laws relating to
credit unions are executed and enforced.
(2) The deputy superintendent for credit unions
shall be the principal supervisor of credit unions. In that
position the deputy superintendent for credit unions shall,
notwithstanding division (A)(3)
of this section, be responsible for conducting examinations and
preparing examination reports under that division. In addition,
the deputy superintendent for credit unions shall,
notwithstanding sections 1733.191, 1733.41, 1733.411, and 1733.412 of the
Revised
Code, have the authority to
adopt rules in accordance with those sections, and, notwithstanding section
1733.05 of the Revised Code, shall have the
authority to approve issues and matters
pertaining to fields of membership. In performing or
exercising any of the examination, rule-making, or other
regulatory functions, powers, or duties vested by division
(A)(2) of this section in the
deputy superintendent for credit unions, the deputy
superintendent for credit unions shall be subject to the
control
of the superintendent of financial institutions.
(3) The superintendent shall develop and implement a system for
evaluating the safety and soundness of credit unions and for
determining when examinations and supervisory actions are
necessary. Credit unions shall be subject to periodic
examinations, as specified in rules adopted by the
superintendent, and their books, records, and accounts shall be
open to the inspection of the superintendent at all times. For
the purpose of such examination or inspection, the superintendent
may subpoena witnesses, administer oaths, receive testimony, and
order the submission of documents.
(B) Every credit union shall prepare and submit, on forms
provided by the superintendent, a financial report to the
superintendent showing its assets and liabilities whenever
requested to do so by the superintendent. Every financial report
shall be verified by the oaths of the two principal officers in
charge of the affairs of the credit union at the time of such
verification and shall be submitted to the superintendent within
thirty days after the superintendent requests the financial
report.
(C) An annual financial report of the affairs and business
of the credit union, showing its condition as of the thirty-first
day of December unless otherwise authorized by the
superintendent, shall be filed with the superintendent not later
than the date authorized in the rules adopted by the
superintendent.
(D) If a financial report or an annual financial report is
not filed with the superintendent in accordance with division (B)
or (C) of this section, the superintendent may do both of the
following:
(1) Assess a fine, determined by rule adopted by the
superintendent, for each day the report is in arrears;
(2) If the superintendent gives written notice to the
president of the credit union of the superintendent's
intention to do so, issue an
order revoking the credit union's articles of incorporation and
appointing a liquidating agent to liquidate the credit union in
accordance with section 1733.37 of the Revised Code.
(E)(1) Except as provided in division (E)(2) of this
section, each credit union doing business in this state shall
remit, semiannually and within fifteen days after billing, to the
treasurer of state, a supervisory fee in an amount determined by
the superintendent,
AND CONFIRMED BY THE CREDIT UNION COUNCIL. THE SUPERVISORY FEE
DESCRIBED IN DIVISION (E)(1) OF THIS SECTION SHALL BE
based on a percentage of the gross assets of
the credit union as shown by its last annual financial report
filed with the superintendent in accordance with division (C) of
this section. The minimum supervisory fee shall be determined by
the superintendent
AND CONFIRMED BY THE CREDIT UNION COUNCIL.
(2) Each corporate credit union doing business in this
state shall remit, semiannually and within fifteen days after
billing, to the treasurer of state, a supervisory fee determined
by rule adopted by the superintendent
AND CONFIRMED BY THE CREDIT UNION COUNCIL. The aggregate annual
amount of the fee shall not exceed the annual operating fee that
the national credit union administration charges a federally
chartered credit union pursuant to the "Federal Credit Union
Act," 84 Stat. 994 (1970), 12 U.S.C.A. 1751.
(3) THE SUPERINTENDENT ANNUALLY SHALL PRESENT TO THE CREDIT UNION COUNCIL
FOR
CONFIRMATION THE SUPERVISORY FEES TO
BE BILLED CREDIT UNIONS AND CORPORATE CREDIT UNIONS PURSUANT TO DIVISION
(E) OF THIS SECTION.
(4) If any supervisory fee is not remitted in accordance
with division (E)(1) or (2) of this section, the superintendent
may assess a fine, determined by rule adopted by the
superintendent, for each day that each fee is in arrears.
(4) The
(5)(a) SUBJECT TO DIVISION (E)(5)(b) OF
THIS SECTION, THE
total amount of each semiannual billing to all
credit unions and corporate credit unions combined shall equal
one-half of the appropriation made by the main operating
appropriation act, including any modifications made by the
controlling board, to the division of financial institutions for the
regulation of credit unions for the
fiscal year in which the billings occur, except that the
superintendent, in determining the supervisory fees, may take
into consideration any funds lapsed from the appropriation made
in the previous fiscal year.
(b) IF DURING THE PERIOD BETWEEN THE CREDIT UNION COUNCIL'S
CONFIRMATION OF SUPERVISORY FEES AND WHEN SUPERVISORY FEES
DESCRIBED IN THIS SECTION ARE COLLECTED, THE CREDIT UNION COUNCIL
DETERMINES ADDITIONAL MONEY IS REQUIRED TO ADEQUATELY FUND THE
OPERATIONS OF THE DIVISION OF FINANCIAL INSTITUTIONS FOR THAT
FISCAL YEAR, THE CREDIT UNION COUNCIL MAY, BY THE AFFIRMATIVE VOTE
OF FIVE OF ITS MEMBERS, INCREASE THE SUPERVISORY FEES
BILLED. THE SUPERINTENDENT PROMPTLY SHALL NOTIFY EACH CREDIT
UNION AND CORPORATE CREDIT UNION OF THE INCREASED SUPERVISORY
FEES, AND EACH CREDIT UNION OR CORPORATE CREDIT UNION SHALL PAY
THE INCREASED SUPERVISORY FEES BILLED BY THE SUPERINTENDENT.
(5)(6) The fees or fines collected pursuant to this section
shall be credited to the credit unions fund created
in section 1733.321 of the Revised Code.
(F) A report of such examination shall be forwarded to the
president of each credit union after the completion of the
examination. Such report may contain comments relative to the
management of the affairs of the credit union and also as to the
general condition of its assets. Within thirty days of the
receipt of such report, a meeting of the directors shall be
called to consider matters contained in the report, and the
president shall notify the superintendent of any action taken at
such meeting.
(G)(1) The superintendent shall furnish reports of
examinations or other appropriate information to any organization
referred to in section 1733.041 of the Revised Code when
requested by such organization and authorized by the credit
union. The superintendent may charge a fee for such reports and
other information as may be established by rules adopted by the
superintendent.
(2) A report of examination furnished pursuant to division
(G)(1) of this section is the property of the division of credit
unions and may be used by the examined credit union only in the
conduct of its business. Under no circumstances may the credit
union, its current or former directors, officers, employees,
agents, shareholders, participants in the conduct of its affairs,
or their agents disclose or make public, in any manner, a report
of examination or its contents.
(H) Except as provided in this division, information
obtained by the superintendent of credit unions and the
superintendent's employees
as a result of or arising out of the examination or independent
audit of a credit union, from required reports, or because of
their official position, shall be confidential. Such information
may be disclosed only in connection with criminal proceedings or,
subject to section 1733.327 of the Revised Code, when it is
necessary for the superintendent to take official action pursuant
to Chapter 1733. of the Revised Code and the rules adopted
thereunder regarding the affairs of the credit union examined.
This division does not prevent the superintendent from properly
exchanging information relating to an examined credit union
pursuant to division (F) or (G) of this section or with officials
of properly authorized state or federal supervisory authorities
or with any insurer recognized under section 1733.041 or any
surety recognized under section 1733.23 of the Revised Code.
This division also does not prevent the superintendent from
disclosing information contained in the financial reports or
annual financial reports described in division (B) or (C) of this
section to recognized credit union trade associations.
Sec. 1733.329. (A) THERE IS HEREBY CREATED IN THE DIVISION OF
FINANCIAL INSTITUTIONS THE CREDIT UNION COUNCIL, WHICH SHALL
CONSIST OF SEVEN MEMBERS. THE DEPUTY SUPERINTENDENT FOR CREDIT
UNIONS SHALL BE A MEMBER OF THE COUNCIL AND ITS CHAIRPERSON. THE
GOVERNOR, WITH THE ADVICE AND CONSENT OF THE SENATE, SHALL APPOINT
THE REMAINING SIX MEMBERS.
(B)(1) AT LEAST FIVE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL
SHALL HAVE HAD CREDIT UNION EXPERIENCE.
(2) AT LEAST FOUR OF THE SIX MEMBERS APPOINTED TO THE COUNCIL
SHALL BE, AT THE TIME OF APPOINTMENT, INDIVIDUALS CURRENTLY ENGAGED IN
THE EXERCISE OF DUTIES, RESPONSIBILITIES, RIGHTS, AND POWERS OF A
DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED CREDIT
UNION HAVING ITS PRINCIPAL OFFICE IN THIS STATE AND DOING BUSINESS
IN THIS STATE PURSUANT TO THIS CHAPTER UNDER THE AUTHORITY OF THE
SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(3) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED, FEDERALLY
INSURED CREDIT UNION.
(4) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED, PRIVATELY
INSURED CREDIT UNION.
(5) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED CREDIT
UNION WITH FIVE MILLION DOLLARS OR LESS IN ASSETS.
(6) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED CREDIT
UNION WITH MORE THAN FIVE MILLION DOLLARS IN ASSETS.
(C)(1) INITIAL APPOINTMENTS TO THE COUNCIL SHALL BE MADE WITHIN
SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS SECTION. OF THE
INITIAL APPOINTMENTS, TWO SHALL EXPIRE ONE YEAR AFTER THE
EFFECTIVE DATE OF THIS SECTION, TWO SHALL EXPIRE TWO YEARS AFTER
THE EFFECTIVE DATE OF THIS SECTION, AND TWO SHALL EXPIRE THREE
YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION. THEREAFTER, TERMS
OF OFFICE SHALL BE FOR THREE YEARS.
(2) EACH MEMBER SHALL HOLD OFFICE FROM THE DATE OF APPOINTMENT
UNTIL THE END OF THE TERM FOR WHICH THE MEMBER WAS APPOINTED. IN THE
CASE OF A VACANCY IN THE OFFICE OF ANY MEMBER, THE GOVERNOR SHALL
APPOINT A SUCCESSOR, WHO SHALL HOLD OFFICE FOR THE REMAINDER OF THE
TERM FOR WHICH THE SUCCESSOR'S PREDECESSOR WAS APPOINTED. ANY
MEMBER SHALL CONTINUE IN OFFICE SUBSEQUENT TO THE EXPIRATION DATE
OF THE MEMBER'S TERM UNTIL THE MEMBER'S SUCCESSOR TAKES OFFICE, OR
UNTIL SIXTY DAYS HAS ELAPSED, WHICHEVER OCCURS FIRST.
(3) IF DURING A MEMBER'S TERM ON THE COUNCIL, THE MEMBER CEASES TO
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A CREDIT UNION AS DESCRIBED
IN DIVISIONS (B)(2) TO (6) OF THIS SECTION FOR A PERIOD EXCEEDING
NINETY DAYS, THE MEMBER SHALL BE INELIGIBLE TO CONTINUE TO SERVE AS A MEMBER
OF THE COUNCIL, AND THE MEMBER'S POSITION ON
THE COUNCIL SHALL BE CONSIDERED VACANT.
(D) NO PERSON APPOINTED AS A MEMBER OF THE CREDIT UNION COUNCIL
MAY SERVE MORE THAN TWO CONSECUTIVE FULL TERMS. HOWEVER, A MEMBER MAY SERVE
TWO CONSECUTIVE FULL TERMS FOLLOWING THE REMAINDER
OF A TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A VACANCY OR
FOLLOWING ANY TERM FOR WHICH THE MEMBER WAS APPOINTED PRIOR TO THE
EFFECTIVE DATE OF THIS SECTION.
(E)(1) THE COUNCIL SHALL HOLD REGULAR MEETINGS AT THE TIME AND
PLACE IT FIXES, BUT AT LEAST ONCE EVERY SIX MONTHS, AND SHALL MEET AT ANY TIME
ON CALL OF THE DEPUTY SUPERINTENDENT TO CONDUCT
ITS BUSINESS AND TO DECIDE BY VOTE OF THE MEMBERS THE LOCATION OF
FUTURE MEETINGS. EACH MEMBER SHALL BE PROVIDED WITH WRITTEN
NOTICE OF THE TIME AND LOCATION OF EACH COUNCIL MEETING AT LEAST
TWO DAYS PRIOR TO THE SCHEDULED DATE OF THE MEETING, UNLESS THE
COUNCIL BY RESOLUTION PROVIDES FOR A SHORTER TIME. FOUR OF THE
MEMBERS OF THE COUNCIL CONSTITUTE A QUORUM TO TRANSACT AND VOTE
ON ALL BUSINESS COMING BEFORE THE COUNCIL.
(2) THE COUNCIL, BY A MAJORITY VOTE OF THOSE PRESENT AT A MEETING
AT WHICH THERE IS A QUORUM, MAY ADOPT AND AMEND BYLAWS AND RULES THE
COUNCIL CONSIDERS NECESSARY AND PROPER. THE COUNCIL SHALL SELECT ONE OF
ITS MEMBERS AS SECRETARY, WHO SHALL KEEP A RECORD OF ALL ITS
PROCEEDINGS.
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE COUNCIL
INVOLVING ANY CREDIT UNION OF WHICH THE MEMBER IS OR WAS AT ANY
TIME IN THE PRECEDING TWELVE MONTHS A MEMBER OF THE BOARD OF
DIRECTORS, AN OFFICER, AN EMPLOYEE, OR A SHAREHOLDER. A MEMBER
MAY REFRAIN FROM PARTICIPATING IN THE PROCEEDINGS OF THE COUNCIL
FOR ANY OTHER CAUSE THE MEMBER CONSIDERS SUFFICIENT.
(F) THE MEMBERS OF THE COUNCIL SHALL RECEIVE NO SALARY, BUT THEIR
EXPENSES INCURRED IN PERFORMANCE OF THEIR DUTIES SHALL BE PAID FROM FUNDS
APPROPRIATED FOR THAT PURPOSE.
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS APPOINTED TO
THE COUNCIL WHENEVER IN THE GOVERNOR'S JUDGMENT THE PUBLIC
INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE COUNCIL,
THE GOVERNOR SHALL FILE WITH THE SUPERINTENDENT OF FINANCIAL
INSTITUTIONS A STATEMENT OF THE CAUSE FOR THE REMOVAL.
Sec. 1733.3210. (A) THE CREDIT UNION COUNCIL SHALL DO ALL OF THE
FOLLOWING:
(1) CONSULT WITH, ADVISE, AND MAKE RECOMMENDATIONS TO THE
SUPERINTENDENT OF FINANCIAL INSTITUTIONS AND THE DEPUTY SUPERINTENDENT
FOR CREDIT UNIONS ON MATTERS RELATING TO THE BUSINESS FOR CREDIT UNIONS,
INCLUDING FIELD OF MEMBERSHIP, REGULATION, EXAMINATION, SAFETY AND
SOUNDNESS, AND APPLICATIONS OF CREDIT UNIONS UNDER THIS CHAPTER;
(2) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER ADDRESSED IN
CHAPTERS 1733. AND 1761. OF THE REVISED CODE THAT
THE
SUPERINTENDENT OR DEPUTY SUPERINTENDENT SUBMITS TO THE COUNCIL FOR THAT
PURPOSE;
(3) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT OR
DEPUTY SUPERINTENDENT SUBMITS TO THE COUNCIL FOR DETERMINATION;
(4) SUBMIT TO THE GOVERNOR RECOMMENDATIONS CONCERNING AMENDMENTS
TO THE CREDIT UNION LAWS OF THIS STATE OR RULES ADOPTED PURSUANT TO
THOSE LAWS THAT THE COUNCIL CONSIDERS APPROPRIATE;
(5) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE SUPERVISORY FEES
PROPOSED BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN ACCORDANCE
WITH DIVISION (E) OF SECTION 1733.32 OF THE REVISED
CODE.
(6) WITH RESPECT TO THE ADOPTION, AMENDMENT, OR RECISSION OF RULES
ADOPTED PURSUANT TO THIS CHAPTER, BE PRESENT AT THE PUBLIC HEARING
REQUIRED BY SECTION 119.03 OF THE REVISED CODE AND PROVIDE
RECOMMENDATIONS, ADVICE, OR ASSISTANCE AT THE PUBLIC HEARING.
(B) NEITHER THE DEPUTY SUPERINTENDENT, NOR ANY OTHER MEMBER OF
THE
COUNCIL, SHALL BE LIABLE, IN ANY CIVIL OR CRIMINAL ACTION OR PROCEEDING, FOR
ANY MISTAKE OF JUDGMENT OR DISCRETION IN ANY ACTION
TAKEN, OR IN ANY OMISSION MADE, IN GOOD FAITH BY THE DEPUTY
SUPERINTENDENT OR OTHER MEMBER.
Section 2. That existing sections 1155.13, 1163.16, 1181.16, and 1733.32 and
sections 1733.329 and 1733.3210 of the Revised Code are hereby repealed.
Section 3. The Savings and Loan Associations and Savings Banks Board as it
existed prior to the effective date of this act shall be
reorganized in accordance with this act within sixty days after
the effective date of this act.
Section 4. The Credit Union Council as it existed prior to the
effective date of this act, within sixty days after the effective
date of this act, shall conclude any pending matters for which the council was
responsible under law prior to the effective date of this act and for which
the council is not responsible under this act.
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