SB1106,,187 9. One member with professional experience and expertise in the operation of state-chartered credit unions, appointed by the governor.

SB1106,,188 10. One member with professional experience and expertise in public finance, appointed by the governor.

SB1106,,189 11. One member with professional experience and expertise in the operation of community development authorities, redevelopment authorities, housing authorities, or community development corporations, appointed by the governor.

SB1106,,190 (b) The members under par. (a) 4. to 11. shall be appointed for a term of 4 years.

SB1106,,191 (3) (a) An individual may not serve as a board member unless the individual is a resident of this state and, if appointed, was a resident of this state for at least 90 days before the appointment.

SB1106,,192 (b) Except for a board member described in sub. (2) (a) 1. to 3., an individual may not serve as, or be appointed as, a board member if any of the following applies:

SB1106,,193 1. The individual holds a federal, state, or local elected or appointed office or is a candidate for such an office.

SB1106,,194 2. The individual serves as an official in a political party.

SB1106,,195 3. Within the immediately preceding 4-year period, the individual held an office described in subd. 1.

SB1106,,196 (c) An individual may not serve as a board member for more than 8 years.

SB1106,,197 (4) Each board member shall take an oath to faithfully and impartially execute his or her duties as a board member.

SB1106,,198 (5) A vacancy on the board shall be filled in the same manner as the original appointment to the board for the remainder of the unexpired term, if any.

SB1106,,199 (6) A member of the board may not be compensated for his or her services but shall be reimbursed for actual and necessary expenses, including travel expenses, incurred in the performance of his or her duties.

SB1106,,200 (7) The members of the board shall annually elect a chairperson and may elect other officers as they consider appropriate. Upon motion of at least 6 board members, the board shall hold a vote at a special meeting to retain or replace the board chairperson.

SB1106,,201 (8) Nine board members constitute a quorum of the board and the affirmative vote of a majority of board members present and voting is required for any action of the board, including election of the board chairperson.

SB1106,,202 (9) (a) The board shall meet quarterly and at any other time it considers necessary or upon the written request of the board chairperson or 6 board members. The board may hold meetings by means of remote communication.

SB1106,,203 (b) The board shall provide notice of any board meeting to all board members, to the chairperson of the board of advisors, and to any other person who requests notice.

SB1106,,204 (c) The board shall adopt procedures governing its meetings.

SB1106,,205 (d) All board meetings shall be staffed with a Bank officer to serve as the board secretary. The board secretary shall keep a record of the proceedings of the board meeting and shall be the custodian of all meeting records.

SB1106,,206 (e) The chairperson of the board of advisors or the chairperson’s designee, or both, may attend any board meetings as a nonvoting participant, except those meetings authorized under ch. 19 to be conducted in closed session.

SB1106,,207 (10) (a) The board shall appoint a chief executive officer of the Bank who may not be a member of the board and who shall serve at the pleasure of the board. Notwithstanding sub. (8), appointment of the chief executive officer requires the affirmative vote of at least 8 board members. At the discretion of the board chairperson, the board may utilize a form of ranked-choice voting to ensure that the 8-vote threshold is satisfied.

SB1106,,208 (b) The board may delegate to the chief executive officer any powers and duties the board considers proper.

SB1106,,209 (c) The board shall terminate the chief executive officer upon a vote of no confidence in the chief executive officer by at least 8 board members. If this occurs, the board shall immediately initiate the process of hiring a new chief executive officer.

SB1106,,210 (d) If there is a vacancy, absence, or disability in the position of chief executive officer, as determined by the board, then notwithstanding sub. (8), the board may, upon the affirmative vote of 7 board members, designate an acting chief executive officer who has similar qualifications to those required under this subsection for the chief executive officer. An acting chief executive officer has all the powers and duties of the chief executive officer.

SB1106,,211 (e) 1. The chief executive officer shall be compensated as determined by the board and shall devote full time and attention to the duties of the office.

SB1106,,212 2. The chief executive officer shall have skill and experience in management and banking.

SB1106,,213 3. The chief executive officer is the executive and administrative head of the Bank and is responsible for the Bank’s administration and the Bank’s compliance with this chapter. The chief executive officer is responsible for all aspects of the Bank’s management, including its physical facilities, investments, loan portfolio, accounting, risk management, and regulatory compliance, as well as the responsibilities specified in s. 239.05 (2).

SB1106,,214 4. The chief executive officer may employ other employees, consultants, agents, and advisors, including legal counsel, and shall attend meetings of the board, except those board meetings authorized under ch. 19 to be conducted in closed session.

SB1106,,215 239.035 Purpose of the Public Bank of Wisconsin. The purpose of the Public Bank of Wisconsin is to accept and hold deposits of public funds and utilize those funds in this state to further the Bank’s goals to do all of the following: