§ 42-116-38 - Depositor's advisory board. - Rhode Island Statutes

SECTION 42-116-38

   § 42-116-38  Depositor's advisory board.– (a) There is created a three (3) member depositor's advisory board. Members ofthe board shall be depositors in financial institutions which were closed as ofJanuary 1, 1991, and which are currently in receivership. One member shall beappointed by the house majority leader. One member shall be appointed by thepresident of the senate. One member shall be appointed by the governor. Eachmember shall serve a term of two (2) years as his or her successor isappointed. Members of the board shall serve without compensation. It shall bethe role of the depositor's advisory board to give advice to the Rhode Islanddepositors economic protection corporation concerning rules and regulations andlegislation affecting the banking crisis; to study the effects, both long termand short term, of the banking crisis; to recommend to the corporation specialstudies and projects which it feels are needed to expedite a solution to thebanking crisis. The board shall report its findings to the governor in Januaryof each year.

   (b) The board shall, at regular intervals, conduct businessmeetings for the purpose of carrying out its general business, and the meetingsshall be open to the public and all records and minutes will be a matter ofpublic record.