(a)  There is created a three (3) member depositor’s advisory board. Members of the board shall be depositors in financial institutions which were closed as of January 1, 1991, and which are currently in receivership. One member shall be appointed by the house majority leader. One member shall be appointed by the president of the senate. One member shall be appointed by the governor. Each member shall serve a term of two (2) years as his or her successor is appointed. Members of the board shall serve without compensation. It shall be the role of the depositor’s advisory board to give advice to the Rhode Island depositors economic protection corporation concerning rules and regulations and legislation affecting the banking crisis; to study the effects, both long term and short term, of the banking crisis; to recommend to the corporation special studies and projects which it feels are needed to expedite a solution to the banking crisis. The board shall report its findings to the governor in January of each year.

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Terms Used In Rhode Island General Laws 42-116-38

  • Board: means the board of directors of the corporation. See Rhode Island General Laws 42-116-3
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
  • Majority leader: see Floor Leaders

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

History of Section.
P.L. 1992, ch. 9, § 4; P.L. 2001, ch. 180, § 130.