Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/11

(205 ILCS 305/11) (from Ch. 17, par. 4412)

Sec. 11. Board of credit union advisors.

(1) There shall be a board of credit union advisors
 who shall consult with, advise, and make recommendations
to the Governor and to the Secretary on matters pertaining to credit unions.
The board of credit union advisors may also advise the Governor and Secretary
upon appointments and employment of personnel in connection with the supervision
and regulation of credit unions.

(2) The board of credit union advisors shall consist of 7 persons with
credit union experience who shall be appointed by the Governor. Appointments
to the board shall be for terms of 3 years each, except that initial appointments
shall be: 3 members for 3 years each; 3 members for 2 years each and 1 member
for 1 year.

(3) All members shall serve until their successors have been appointed
and qualified. In the event a vacancy occurs, the appointment to fill such
vacancy shall be made in the manner of original appointment, but only for
the unexpired term.

(4) The chairman of the board of credit union advisors shall be elected
annually by a majority of the board members at the first meeting of the board each
year.

(5) The initial meeting of the board shall be called by the Secretary and
thereafter regular meetings shall be held at such times and places as shall
be determined by the Governor, chairman, or Secretary, but at least once each
calendar year. Special meetings may be called either by the Governor, the Secretary, the Director,
the chairman, or by written notice sent by 2 or more members of the board.
A majority of the members of the board shall constitute a quorum.

(6) The Department shall reimburse the board members for their actual
and necessary travel and subsistence expenses.

(Source: P.A. 100-361, eff. 8-25-17.)