Sec. 80. Board; powers.
398 words·~2 min read·
/il/chapter-205/act-5/80A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 80. Board; powers. The Board shall have the following powers in addition to any others that may be granted to it by law:
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(b)To review, consider, and make recommendations to the Director of Banking upon any banking matters.
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(e)To review, consider, and submit to the Director of Banking and to the Governor proposals for amendments to this Act or for changes in or additions to the administration thereof which in the opinion of the Board are necessary or desirable in order to assure the safe and sound conduct of the banking business.
(f)To require the Secretary to furnish the Board space for meetings to be held by the Board as well as to require the Secretary to provide such clerical and technical assistance as the Board may require.
(g)To adopt its own by-laws with respect to Board meetings and procedures. Such by-laws shall provide that:
(i)A majority of the whole Board constitutes a quorum.
(ii)A majority of the quorum shall constitute effective action except that a vote of a
majority of the whole Board shall be necessary for recommendations made to the Director of Banking and to the Governor with regard to proposed amendments to this Act or to the administrative practices hereunder.
(iii)The Board shall meet at least once in each calendar year and upon the call of the
Director of Banking or a majority of the Board. The Director of Banking or a majority of the Board may call such special or additional meetings as may be deemed necessary or desirable.
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(m)To authorize the transfer of funds from the Illinois Bank Examiners' Education Fund to the Bank and Trust Company Fund. Any amount transferred shall be retransferred to the Illinois Bank Examiners' Education Fund from the Bank and Trust Company Fund within 3 years.
(n)To maintain and direct the investments of the Illinois Bank Examiners' Education Fund.
(o)To evaluate various courses, programs, curricula, and schools of continuing education and professional training that are available from within the United States for State banking department examination personnel and develop a program known as the Illinois Bank Examiners' Education Program. The Board shall determine which courses, programs, curricula, and schools will be included in the Program to be funded by the Foundation.