Illinois Code § 6

§ 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 quorum. (B) A majority of the quorum shall constitute 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. (C) The Board shall meet at least once in each 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. (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.)