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 COL11/8/2019 CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE

(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. COL11/8/2019 CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE