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Pennsylvania Statutes Title 71 P.S. State Government § 733-1121-A. Organization

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Establishment.--The Banking and Securities Commission is established within the department.

(b) Composition.--The commission shall consist of the following commissioners:

(1) The secretary, who may be represented by a designee.

(2) A designee of the Governor.

(3) Three individuals appointed by the Governor with the advice and consent of a majority of the members of the Senate.

(c) Terms.--

(1) The secretary shall serve ex officio.

(2) A commissioner under subsection (b)(2) or (3) shall serve at the pleasure of the Governor and until a successor is appointed and qualified.

(d) Officers.--The Governor shall designate a commissioner under subsection (b)(3) as chair. The secretary or the secretary's designee shall serve as the vice chair.

(e) Meetings.--The commission shall convene:

(1) on a schedule determined by the secretary; but

(2) at least every three months.

(f) Quorum.--A majority of serving commissioners constitutes a quorum. Action taken at a meeting at which a quorum is present shall be the lawful act of the commission for all purposes.

(g) Compensation and expenses.--

(1) A commissioner under subsection (b)(1) or (2) shall not receive an additional salary in compensation for membership on the commission.

(2) A commissioner under subsection (b)(3) shall receive an annual salary of $36,000, subject to annual cost-of-living increases under section 3(e) of the act of September 30, 1983 (P.L. 160, No. 39),  1 known as the Public Official Compensation Law.

(3) All commissioners shall be reimbursed for reasonable and necessary expenses incurred in the performance of their duties in accordance with 4 Pa. Code Ch. 40 (relating to travel and subsistence).

1 65 P.S. § 366.3.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 71 P.S. State Government § 733-1121-A. Organization - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-71-ps-state-government/pa-st-sect-71-733-1121-a/

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