(a) The Council on Banking is established, and shall serve in an advisory capacity to the State Bank Commissioner and shall consider matters relating to the administration of the banking laws and the strengthening and improving of banking in this State and such other matters as may be referred to it by the Governor, the Secretary of the Department or the State Bank Commissioner. The Council may study, research, plan and advise the Commissioner, the Secretary and the Governor on matters it deems appropriate to enable the office of State Bank Commissioner to function in the best possible manner. (b) The Council on Banking, upon the effective date of this chapter, shall be composed of the members of the Bank Advisory Board whose terms, as of the effective date of this chapter, have not expired, with the exception of the State Banking Commissioner whose term as a member of the Bank Advisory Board shall end as of the effective date of this chapter. Each member of the Bank Advisory Board shall serve as a member of the Council for the period of the member's unexpired term unless the member vacates the position by resignation, death or incapacity. The Council shall be composed of 7 members. The Governor shall appoint new members. The terms of the newly appointed members shall be staggered. The first 2 appointees shall serve for a term of 1 year, the next 2 appointees shall serve for a term of 2 years and the next 3 appointees shall serve for a term of 3 years. Thereafter all new appointees shall serve for a term of 3 years. (c) At least 3, but no more than 4, of the newly appointed members of the Council shall be affiliated with 1 of the major political parties and at least 2, but no more than 3, of the newly appointed members shall be affiliated with the other major political party; provided, however, that there shall be no more than a bare majority representation of 1 major political party over the other major political party. Any person who declines to announce a political affiliation shall also be eligible for appointment as a member of the Council. (d) Members of the Council shall serve without compensation, except that they may be reimbursed for reasonable and necessary expenses incident to their duties as members of the Council. (e) A Chairperson of the Council shall be chosen by the members of the Council from among its members and shall serve in that capacity for a term of 1 year and shall be eligible for reelection. (f) Any appointment, pursuant to this section, to replace a member whose position becomes vacant prior to the expiration of the member's term shall be filled only for the remainder of that term.
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