New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 1 - Banking Board: Selection Of Candidates With Banking Experience › Section 1.1 - Nomination procedure

Current through Register Vol. 46, No. 28, July 10, 2024
The following procedure shall be followed in connection with
				  the selection of candidates for consideration by the Governor in filling
				  vacancies occurring in the offices of the members of the Banking Board required
				  to have banking experience:
(a) At
				least 30 days prior to the expiration of the term of any member of the Banking
				Board required to have banking experience, and within 60 days after a vacancy
				has occurred, for any reason other than expiration of term, in the office of
				any member of the Banking Board required to have banking experience, the
				superintendent shall forward a ballot to each institution entitled to nominate
				a candidate to fill the impending or existing vacancy in the Banking Board,
				namely those institutions in the group within which, under Banking Law, section
				13(2), a candidate must have gained his banking experience. Upon the expiration
				of a period prescribed by the superintendent not in excess of 45 days from the
				date of the mailing of such ballots, the superintendent shall count the ballots
				received and shall list the persons nominated and the number of votes cast for
				each. The person or, in the case of a tie vote, the persons receiving the
				highest number of votes shall be deemed to have received first place in the
				balloting and the person or, in the case of a tie vote, the persons receiving
				the second highest number of votes shall be deemed to have received second
				place in the balloting. In the event that all of the votes cast are received by
				one person or by two persons, then the name of such person or the names of such
				persons shall be submitted forthwith to the Governor, with the number of votes
				cast for each. In the event that all of such votes are received by three or
				more persons, then
(1) If a majority of such
				votes is received by one person, the name of such person, together with the
				name or names of the person or persons receiving second place in the balloting,
				shall be submitted forthwith to the Governor, with the number of votes cast for
				each.
(2) If a majority of such
				votes is not received by any one person, then
(i) if two or more persons shall have
				received first place in the balloting, the names of such persons, or
(ii) if only one person shall have received
				first place in the balloting, the name of such person and the name or names of
				the person or persons receiving second place in the balloting shall be
				submitted by the superintendent to each institution entitled to nominate a
				candidate to fill the vacancy, with the request that each such institution
				indicate its choice, within a period specified by the superintendent not in
				excess of 45 days from the mailing of the ballot. Upon the expiration of the
				specified period after the mailing of such ballot, the superintendent shall
				count the ballots received and submit to the Governor the names of the persons
				so voted upon and inform him as to the number of votes cast for each;