Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 46 - STATE BANK DEPARTMENT AND STATE BANKING BOARD (§§ 23-46-101 — 23-46-607) › Subchapter 3 - STATE BANKING BOARD (§§ 23-46-301 — 23-46-305) › Section 23-46-301 - Creation - Members - Administration

(a)
There is created a commission which shall be known as the "State Banking Board".
(b)
(1)
The board shall be composed of six (6) members appointed by the Governor, subject to confirmation by the Senate, for terms of five (5) years or until a successor has been appointed and qualified.
(2)
(A)
At the time of their appointment, all members of the board shall be, and shall continue thereafter to be, residents of the State of Arkansas.
(B)
They shall be age thirty (30) or over.
(3)
Board members serving on May 30, 1997, shall continue to serve the remainder of their terms.
(c)
(1)
(A)
For purposes of filling vacancies on the board, members shall be numbered one (1) through six (6), inclusive.
(B)
(i)
Three (3) members shall be designated banker members, two (2) members shall be designated public members, and one (1) member shall be designated as the representative of the elderly.
(ii)
A banker member is a person whose primary occupation is banking. A public member is a person whose primary occupation is outside the field of banking. The representative of the elderly shall be sixty (60) years of age or older and shall not be actively engaged in or retired from the occupation of banking.
(C)
One (1) of the banker members shall be designated the State Bank Department member, and the other two (2) shall be designated the Arkansas Bankers Association members. These positions are to be determined by lot.
(2)
On the occasion of a vacancy on the board of a department member, a successor shall be selected from among two (2) or more bankers whose names shall be supplied by the Bank Commissioner.
(3)
On the occasion of a vacancy on the board of one (1) of the Arkansas Bankers Association banker members, a successor shall be appointed by the Governor after consulting the Arkansas Bankers Association, and the appointment shall be subject to confirmation by the Senate.
(4)
The board shall consist of one (1) member from each of the four (4) congressional districts as prescribed in §
7-2-101
et seq., and two (2) members from the state at large, one (1) of whom shall be the representative of the elderly.
(d)
(1)
No member of the board shall receive, directly or indirectly, any compensation or recompense for his or her services on the board.
(2)
Notwithstanding §
25-16-901
et seq., should any member of the board live outside the capital city of the state, he or she may, upon application to the commissioner, be reimbursed out of the income of the office of the commissioner and in the manner provided by law for the actual travel and subsistence expense as may actually have been incurred by him or her in connection with attendance at any meeting of the board.
(e)
The office of the commissioner shall be the office of the board.
(f)
The board may select as its secretary, a deputy bank commissioner, or a stenographer employed in the office of the commissioner, but no compensation shall be paid to any person whatsoever for services rendered as secretary of the board.
(g)
(1)
Except as provided in §
23-46-402
, the presence at any meeting of at least four (4) members of the board shall be necessary to constitute a quorum, and the concurring votes of not less than a majority of the members present at any meeting shall be necessary to the decision of any question or issue or the authorization of any action.
(2)
The representative of the elderly shall be a full voting member.
Amended by Act 2015, No. 1100,§ 56, eff. 7/22/2015.
Acts 1997, No. 89, § 1.