Ohio § 1733.329

§ 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 one hundred million dollars

or less in assets. (C)(1) Initial appointments to the council shall be made within sixty days after September

22, 2000.  Of the initial appointments, two shall expire one year after September 22, 2000,

two shall expire two years after September 22, 2000, and two shall expire three years

after September 22, 2000.  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 (5) 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 September 22, 2000. (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.