- (a) The Savings and Loan Association Board was created under Acts 1963, No. 227.
(b)
- (1) The board is composed of five (5) members appointed by the Governor, with the advice and consent of the Senate.
- (2) At least three (3) members shall be persons with not less than two (2) years’ experience as an officer or director of an association or a federal association.
- (3) Each congressional district in the state shall be represented by at least one (1) member of the board who shall be a resident of the district.
- (c) The board shall have such rights, powers, and privileges, and shall be subject to such duties as are provided by law.
(d)
- (1) The board shall maintain in the office of the Supervisor of Savings and Loan Associations permanent records of its hearings and decisions, and such information, if not confidential, is available for public inspection.
- (2) The supervisor shall provide adequate quarters and personnel for use by the board.
- (e) The board shall meet at least quarterly at such date and time as may be fixed by members of the board.
(f)
- (1) The supervisor shall be an ex officio member of the board.
- (2) He or she shall not be entitled to vote or to participate in any deliberations of the board arising out of an appeal from any action of the supervisor.
- (g) The Securities Commissioner shall act as supervisor.