2005 Illinois Code - Chapter 20 Executive Branch 20 ILCS 3210/ Illinois Bank Examiners\' Education Foundation Act.
(20 ILCS 3210/1) (from Ch. 17, par. 401)
Sec. 1.
The Illinois Bank Examiners' Education Foundation is hereby
created for the purpose of providing a means through which funds may be
raised, invested and disbursed for continuing education and professional
training activity for the examination employees of the Commissioner's office.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/2) (from Ch. 17, par. 402)
Sec. 2.
This Act shall be known and may be cited as the "Illinois Bank Examiners'
Education Foundation Act".
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/3) (from Ch. 17, par. 403)
Sec. 3.
As used in this Act unless the context otherwise requires,
the words and phrases defined in Sections 3.01 through 3.06 have the
meanings ascribed to them in those Sections.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/3.01) (from Ch. 17, par. 403.1)
Sec. 3.01.
"Board" means the Board of Trustees of the Illinois Bank
Examiners' Education Foundation created by this Act.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/3.02) (from Ch. 17, par. 403.2)
Sec. 3.02.
"Commissioner" means the Commissioner of Banks and Real Estate
or a person authorized by the Commissioner, the Office of Banks and Real Estate
Act, or this Act to act in the Commissioner's stead.
(Source: P.A. 89‑508, eff. 7‑3‑96.)
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(20 ILCS 3210/3.03) (from Ch. 17, par. 403.3)
Sec. 3.03.
"Foundation" means the Illinois Bank Examiners' Education
Foundation created by this Act.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/3.04) (from Ch. 17, par. 403.4)
Sec. 3.04.
"National bank" means a national banking association
located in the State of Illinois.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/3.05) (from Ch. 17, par. 403.5)
Sec. 3.05.
"Person" means an individual, corporation, partnership,
joint venture, charitable foundation, trust, estate or incorporated
association.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/3.06) (from Ch. 17, par. 403.6)
Sec. 3.06.
"State bank" means any banking corporation organized under
or subject to the "Illinois Banking Act".
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/4) (from Ch. 17, par. 404)
Sec. 4.
The Foundation shall establish an endowment fund with the
monies in the Illinois Bank Examiners' Education Fund. The income from such
Fund shall be used to pay for continuing education and professional
training activity for the examination employees of the Commissioner's
office authorized by the Board of the Illinois Bank Examiners' Education
Program and to pay for reasonable expenses incurred by the Board in the
course of its official duties. The continuing education and professional
training activity to be funded by the Foundation shall be a supplement to
the education and training expenditures regularly being made from the Bank
& Trust Company Fund for such purposes.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/5) (from Ch. 17, par. 405)
Sec. 5.
The Foundation shall be governed by a Board of Trustees.
The
Board shall consist of the following trustees: the Commissioner, who shall
be its chairman; one Class A member and three Class B members from the
State Banking Board of Illinois, appointed by the Governor.
The terms of the trustees of the Foundation who are members of the State
Banking Board of Illinois are to be coextensive with their terms on the
State Banking Board of Illinois. An appointment to fill a vacancy shall be
for the unexpired term of the trustee whose term is being filled. Trustees
shall receive no compensation for service on the Board, but shall be
reimbursed for all reasonable and necessary expenditures incurred in the
performance of their official duties.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/6) (from Ch. 17, par. 406)
Sec. 6.
The Board shall have the power:
(1) To promulgate reasonable rules for the purpose of administering the
provisions of this Act.
(2) To issue orders for the purpose of administering the provisions of
this Act and any rule promulgated in accordance with this Act.
(3) To require the Commissioner to furnish the Board space for meetings
to be held by the Board as well as to require the Commissioner to provide
the technical assistance and clerical and professional support as the Board
may require.
(4) To adopt its own bylaws with respect to board meetings and
procedures. The bylaws shall provide that:
(A) A majority of the whole Board constitutes a |
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(B) A majority of the quorum shall constitute
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effective action except that a vote of a majority of the whole Board shall be necessary for the approval of rules and regulations proposed for adoption by the Commissioner under paragraph (1) of this Section and shall be necessary for recommendations made to the Commissioner with regard to proposed amendments to this Act or to the administrative practices hereunder.
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(C) The Board shall meet at least once in each
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calendar year and upon the call of the Commissioner or a majority of the Board. The Commissioner or a majority of the Board may call such special or additional meetings as may be deemed necessary or desirable.
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(5) To authorize the transfer of funds
from the Illinois Bank Examiners' Education Fund to the Bank and Trust
Company Fund. Any amount so transferred shall be retransferred to the
Illinois Bank Examiners' Education Fund from the Bank and Trust Company
Fund within a period not to exceed 3 years.
(6) To maintain and direct the investments of the Illinois Bank
Examiners' Education Fund as provided in the Illinois Banking Act and to
issue an annual report to the Governor, the General Assembly and
all State‑chartered banks on the activities of the Foundation during the
preceding year which shall include, but is not limited to, detailing the
monies generated and deposited into the Illinois Bank Examiners' Education
Fund by the special education fee, voluntary contributions, and income from
investments and the expenditures from the Fund.
(Source: P.A. 90‑665, eff. 7‑30‑98.)
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(20 ILCS 3210/7) (from Ch. 17, par. 407)
Sec. 7.
The Board shall review and 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 which shall be 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.
(Source: P.A. 84‑1127.)
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(20 ILCS 3210/8) (from Ch. 17, par. 408)
Sec. 8.
Neither the Commissioner nor any member of the Board shall be
subject to any civil liability or penalty, whether for damages or
otherwise, on account of or for any action taken or omitted to be taken in
their respective official capacities, except when such acts or omissions to
act are corrupt or malicious or unless such action is taken or omitted to
be taken not in good faith and without reasonable grounds.
(Source: P.A. 84‑1127.)
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