Guam § 103103 - Banking and Insurance Board.

§ 103103. Banking and Insurance Board.

(a) There is hereby established in the Office of the

Commissioner of Banking and Insurance, a Banking and

Insurance Board that shall supersede the Banking Board, which

shall consist of the Commissioner and nine (9) members. The

Commissioner shall be Chairman.

(b) The nine (9) members shall be appointed by I

Maga=lahi (the Governor) with the advice and consent of I

Liheslatura (the Legislature), in conformance with the

requirements of 4 GCA § 2105:

(1) There shall be three (3) members who are executive

officers of entities chartered as banks and licensed to

conduct business on Guam, at least one (1) of which shall

be a state bank as defined in §100102 of this Title;

(2) There shall be three (3) members who are executive

officers of insurance businesses licensed to conduct

business on Guam;

(3) There shall be three (3) members who are not

directors, trustees, officers, employees or stockholders of

any entity chartered as a bank, or any entity engaged in the

insurance business, one (1) of whom must be an attorney

admitted to practice law on Guam, and only one of whom

shall be a classified employee of the government of Guam.

(c) Six (6) members shall constitute a quorum. All decisions

made by the Board shall require six (6) affirmative votes.

(d) The term of office of each member shall be six (6) years

except the initial appointments to the Banking and Insurance

Board shall be for the following terms as designated by I

Maga=lahi:

(1) five (5) members for a term of three (3) years; and

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(2) four (4) members for a term of six (6) years.

Thereafter, the term of office of each member shall be six

(6) years.

(e) I Maga=lahi [The Governor] may, after notice and

hearing, remove a member for cause. Failure to attend two (2)

consecutive legally called Board meetings shall serve as

sufficient cause for removal.

(f) The Board shall meet at least once in each calendar

quarter. The Commissioner may call additional meetings of the

Board and shall do so upon the request of two (2) members.

Public notice for all Board meetings shall be given pursuant to

the provisions of the Open Government Law.

(g) No member shall participate in a proceeding before the

Board to which any corporation, partnership or unincorporated

association of which he or she is or was at any time in the

preceding twelve (12) months a director, officer, partner,

employee, member, or stockholder is a party. A member may

disqualify himself or herself from participating in a proceeding

for any other cause deemed by him or her to be sufficient.

(h) At any meeting at which a quorum is not present,

whether by reason of the inability of a member to participate or

his or her voluntary disqualification, or otherwise, I Maga=lahi

may designate the Director, or the head of any other department

of the government of Guam, in that order, as acting members of

the Board for the purpose of constituting a quorum, but he or she

shall not designate more acting members than shall be necessary

to constitute a quorum.

(i) The Division shall provide such clerical, technical and

legal assistance as the Board may require.

(j) If the employment status of any member of the Board

should be modified during the member=s appointed term, such

that the member would no longer meet the qualifications

contained in this § 103103, said individual shall no longer serve

on the Board.

(k) Any vacancy in Board membership shall be filled in

conformance with the appointment and confirmation provisions

of this § 103103 to serve the remainder of the term so vacated.

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