PRINTER'S NO. 452
No. 429 Session of 1997
INTRODUCED BY GREENLEAF, AFFLERBACH, O'PAKE, GERLACH, HART,
HECKLER AND TOMLINSON, FEBRUARY 11, 1997
REFERRED TO BANKING AND INSURANCE, FEBRUARY 11, 1997
AN ACT
1 Amending the act of December 5, 1972 (P.L.1280, No.284),
2 entitled "An act relating to securities; prohibiting
3 fraudulent practices in relation thereto; requiring the
4 registration of broker-dealers, agents, investment advisers,
5 and securities; and making uniform the law with reference
6 thereto," further providing for the appointment of
7 commissioners.
8 The General Assembly of the Commonwealth of Pennsylvania
9 hereby enacts as follows:
10 Section 1. Section 601(a) of the act of December 5, 1972
11 (P.L.1280, No.284), known as the Pennsylvania Securities Act of
12 1972, amended December 19, 1975 (P.L.601, No.171), is amended to
13 read:
14 Section 601. Administration.--(a) This act shall be
15 administered by the commission, which shall be an independent
16 administrative board subject to the provisions of The
17 Administrative Code of 1929. It shall consist of three
18 commissioners appointed by the Governor with the advice and
19 consent of the Senate. No more than two of the three
20 commissioners may be registered in the same political party. The
1 commissioners shall hold office at the pleasure of the Governor
2 and until their successors are duly appointed and qualified. A
3 quorum of the commission shall be a majority of the
4 commissioners then serving. Any action taken at a meeting at
5 which a quorum of the commission is present shall be the lawful
6 act of the commission for all purposes.
7 * * *
8 Section 2. The amendment of section 601(a) shall apply to
9 appointments occurring on or after the effective date of this
10 act.
11 Section 3. This act shall take effect in 60 days.
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