Section 733-1121-A - Organization(a) Establishment.--The Banking and Securities Commission is established within the department.(b) Composition.--The commission shall consist of the following commissioners:(1) The secretary, who may be represented by a designee.(2) A designee of the Governor.(3) Three individuals appointed by the Governor with the advice and consent of a majority of the members of the Senate.(c) Terms.-- (1) The secretary shall serve ex officio.(2) A commissioner under subsection (b)(2) or (3) shall serve at the pleasure of the Governor and until a successor is appointed and qualified.(d) Officers.--The Governor shall designate a commissioner under subsection (b)(3) as chair. The secretary or the secretary's designee shall serve as the vice chair.(e) Meetings.--The commission shall convene: (1) on a schedule determined by the secretary; but(2) at least every three months.(f) Quorum.--A majority of serving commissioners constitutes a quorum. Action taken at a meeting at which a quorum is present shall be the lawful act of the commission for all purposes.(g) Compensation and expenses.-- (1) A commissioner under subsection (b)(1) or (2) shall not receive an additional salary in compensation for membership on the commission.(2) A commissioner under subsection (b)(3) shall receive an annual salary of $36,000, subject to annual cost-of-living increases under section 3(e) of the act of September 30, 1983 (P.L.160, No.39), known as the Public Official Compensation Law.(3) All commissioners shall be reimbursed for reasonable and necessary expenses incurred in the performance of their duties in accordance with 4 Pa. Code Ch. 40 (relating to travel and subsistence).Added by P.L. 814 2012 No. 86, § 6, eff. 10/1/2012.