VETOES
10-105.

(A) THE GENERAL ADMINISTRATION AND RESPONSIBILITY FOR
THE OPERATION OF THE COMMUNITY REINVESTMENT FUND SHALL BE
VESTED IN A BOARD OF TRUSTEES TO BE KNOWN AS THE COMMUNITY
REINVESTMENT BOARD.

(B) THE BOARD SHALL CONSIST OF 2 NONVOTING, EX OFFICIO
TRUSTEES AND AT LEAST 15 VOTING TRUSTEES AS FOLLOWS:

(1) 1 NONVOTING TRUSTEE SHALL BE THE SECRETARY OR
THE SECRETARY'S DESIGNEE, EX OFFICIO;

(2) 1 NONVOTING TRUSTEE SHALL BE THE SECRETARY OF
ECONOMIC AND EMPLOYMENT DEVELOPMENT OR SUCH SECRETARY'S
DESIGNEE, EX OFFICIO; AND

(3) ALL OF THE INITIAL VOTING TRUSTEES SHALL BE
APPOINTED BY THE GOVERNOR^ AND

(4) APPOINTMENTS OF VOTING TRUSTEES FOLLOWING THE
INITIAL APPOINTMENTS SHALL BE GOVERNED BY THE
ORGANIZATIONAL DOCUMENTS OF THE FUND, SUBJECT TO THE
FOLLOWING REQUIREMENTS:

(I) AT LEAST TWO-THIRDS OF THE VOTING TRUSTEES
SHALL BE REPRESENTATIVES OF:

1. THE COMMERCIAL BANKING OR SAVINGS

INSTITUTION INDUSTRY IN THE STATE OR OTHER PARTICIPANTS THAT
HAVE PLEDGED OR CONTRIBUTED FUNDING OR OTHER SUBSTANTIAL
ASSISTANCE TO THE FUND, WHICH TRUSTEES SHALL CONSTITUTE AT
LEAST 51% A MAJORITY OF THE VOTING TRUSTEES; OR

2. TRADE ORGANIZATIONS CONSISTING OF OR

OTHERWISE REPRESENTING 2 OR MORE MEMBERS OF THE COMMERCIAL
BANKING OR SAVINGS INSTITUTION INDUSTRY IN THE STATE OR OTHER
PARTICIPANTS WHICH HAVE CONTRIBUTED FUNDING OR OTHER
SUBSTANTIAL ASSISTANCE TO THE FUND; AND

(II) AT LEAST 20% OF THE VOTING TRUSTEES SHALL BE
REPRESENTATIVES OF COMMUNITY GROUPS OR OTHER ENTITIES OR
ORGANIZATIONS WHICH MAY BE ELIGIBLE TO RECEIVE COMMUNITY
REINVESTMENT ASSISTANCE.

(C) THE TERM OF A VOTING TRUSTEE MAY NOT EXCEED 3 YEARS,
SUBJECT TO REAPPOINTMENT.

(D) THE BOARD SHALL DETERMINE THE TIMES AND PLACES OF ITS
MEETINGS.

(E) EXCEPT AS IS SET FORTH EXPRESSLY IN THIS TITLE, THE

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