2006 Kentucky Revised Statutes - .040   Authority -- Membership -- Appointment -- Qualifications.

293.040 Authority -- Membership -- Appointment -- Qualifications. The authority shall be directed by commissioners as follows: The State Treasurer and the secretary of the Finance and Administration Cabinet, the executive director of financial institutions, ex officio, and four (4) commissioners appointed by the Governor from a list of nominees submitted by the Kentucky Bankers Association, each of whom shall be a citizen and qualified voter of the Commonwealth with experience in financial matters. Upon July 1, 1972, and thereafter upon the occurrence of any vacancy in the office of an appointive commissioner, the Governor shall ask the Kentucky Bankers Association to furnish him, within thirty (30) days, the names of three (3) qualified persons as nominees for each vacancy to be filled, and he shall thereafter appoint one (1) of said nominees to fill each vacancy. No officer or employee of a bank shall be disqualified from serving as a commissioner under any conflict of interest statute by reason of any agreement of a bank in which such person is an officer or employee to perform functions under this chapter which will be commonly performed by it and other banks. Initially one (1) person shall be appointed by the Governor for a term of one (1) year, one (1) for a term of two (2) years, one (1) for a term of three (3) years, and one (1) for a term of four (4) years. Upon the expiration of the term of office for which any commissioner is appointed, a successor shall be appointed by the Governor in like manner and for a term of four (4) years; and any member may be eligible for reappointment. In the event of a vacancy in the appointed membership caused by death, resignation, incapacity, or removal of residence from the Commonwealth, the Governor shall make an appointment for the unexpired portion of the term involved. Each commissioner shall hold office for the term of his appointment and until his successor shall have been appointed and qualified. Each ex officio commissioner may appoint a deputy to serve in his place, but such appointment must be made in writing and a copy thereof entered into the minute book of the authority. Effective: July 1, 1972 History: Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(2). -- Created 1972 Ky. Acts ch. 368, sec. 4. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.