N.Y. Comp. Codes R. & Regs. Tit. 3 § 1.1 - Nomination procedure

The following procedure shall be followed in connection with the selection of candidates for consideration by the Governor in filling vacancies occurring in the offices of the members of the Banking Board required to have banking experience:

(a) At least 30 days prior to the expiration of the term of any member of the Banking Board required to have banking experience, and within 60 days after a vacancy has occurred, for any reason other than expiration of term, in the office of any member of the Banking Board required to have banking experience, the superintendent shall forward a ballot to each institution entitled to nominate a candidate to fill the impending or existing vacancy in the Banking Board, namely those institutions in the group within which, under Banking Law, section 13(2), a candidate must have gained his banking experience. Upon the expiration of a period prescribed by the superintendent not in excess of 45 days from the date of the mailing of such ballots, the superintendent shall count the ballots received and shall list the persons nominated and the number of votes cast for each. The person or, in the case of a tie vote, the persons receiving the highest number of votes shall be deemed to have received first place in the balloting and the person or, in the case of a tie vote, the persons receiving the second highest number of votes shall be deemed to have received second place in the balloting. In the event that all of the votes cast are received by one person or by two persons, then the name of such person or the names of such persons shall be submitted forthwith to the Governor, with the number of votes cast for each. In the event that all of such votes are received by three or more persons, then

(1) If a majority of such votes is received by one person, the name of such person, together with the name or names of the person or persons receiving second place in the balloting, shall be submitted forthwith to the Governor, with the number of votes cast for each.

(2) If a majority of such votes is not received by any one person, then

(i) if two or more persons shall have received first place in the balloting, the names of such persons, or

(ii) if only one person shall have received first place in the balloting, the name of such person and the name or names of the person or persons receiving second place in the balloting shall be submitted by the superintendent to each institution entitled to nominate a candidate to fill the vacancy, with the request that each such institution indicate its choice, within a period specified by the superintendent not in excess of 45 days from the mailing of the ballot. Upon the expiration of the specified period after the mailing of such ballot, the superintendent shall count the ballots received and submit to the Governor the names of the persons so voted upon and inform him as to the number of votes cast for each;

(b) In submitting to the Governor the names of candidates nominated for his consideration, the superintendent shall indicate the number of votes cast for each candidate by corporations shown by the records of the Banking Department to be controlled through stock ownership by the same individual or corporation;

(c) Ballots not received by the superintendent from such institutions within the specified period after the mailing thereof shall be disregarded;

(d) No such institution shall nominate more than one person for any vacancy and if such institution be a corporation, its ballot shall be accompanied by a certificate of the secretary of the corporation that the person casting such ballot has been duly authorized so to do by the board of directors of such institution; and

(e) Notwithstanding the foregoing provisions of this Part, no nominations of candidates shall be required prior to the reappointment of a person who has served not more than one year as a member of the Banking Board.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 3 § 1.1