PRIOR PRINTER'S NOS. 452, 1410 PRINTER'S NO. 1467
No. 429 Session of 1997
INTRODUCED BY GREENLEAF, AFFLERBACH, O'PAKE, GERLACH, HART,
HECKLER AND TOMLINSON, FEBRUARY 11, 1997
SENATOR TILGHMAN, APPROPRIATIONS, RE-REPORTED AS AMENDED,
NOVEMBER 17, 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; providing for the salaries of commissioners;
8 and making repeals.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. Section 601(a) of the act of December 5, 1972 <--
12 (P.L.1280, No.284), known as the Pennsylvania Securities Act of
13 1972, amended December 19, 1975 (P.L.601, No.171), is amended to
14 read:
15 Section 601. Administration.--(a) This act shall be
16 administered by the commission, which shall be an independent
17 administrative board subject to the provisions of The
18 Administrative Code of 1929. It shall consist of three
19 commissioners appointed by the Governor with the advice and
20 consent of the Senate. No more than two of the three
1 commissioners may be registered in the same political party. The
2 commissioners shall hold office at the pleasure of the Governor
3 and until their successors are duly appointed and qualified. A
4 quorum of the commission shall be a majority of the
5 commissioners then serving. Any action taken at a meeting at
6 which a quorum of the commission is present shall be the lawful
7 act of the commission for all purposes.
8 * * *
9 Section 2. The act is amended by adding a section to read:
10 SECTION 1. THE ACT OF DECEMBER 5, 1972 (P.L.1280, NO.284), <--
11 KNOWN AS THE PENNSYLVANIA SECURITIES ACT OF 1972, IS AMENDED BY
12 ADDING A SECTION TO READ:
13 Section 601.1. Salaries of Commissioners.--(a) The chairman
14 of the commission shall receive a salary at the rate of twenty-
15 eight thousand five hundred dollars ($28,500) per annum. Each
16 other member of the commission shall receive a salary at the
17 rate of twenty-six thousand dollars ($26,000) per annum.
18 (b) The commissioners shall receive annual cost-of-living
19 increases under section 3(e) of the act of September 30, 1983
20 (P.L.160, No.39), known as the "Public Official Compensation
21 Law."
22 Section 3 2. (a) Section 305 of the act of April 9, 1929 <--
23 (P.L.177, No.175), known as The Administrative Code of 1929, is
24 repealed.
25 (b) The following acts and parts of acts are repealed
26 insofar as they are inconsistent with this act:
27 Act of September 2, 1961 (P.L.1177, No.525), referred to as
28 the Board and Commission Compensation Law.
29 Section 3(b.1) of the act of September 30, 1983 (P.L.160,
30 No.39), known as the Public Official Compensation Law.
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1 Section 4. The amendment of section 601(a) shall apply to <--
2 appointments occurring on or after the effective date of this
3 act.
4 Section 5 3. This act shall take effect as follows: <--
5 (1) The addition of section 601.1(b) of the act shall
6 take effect January 1, 1998.
7 (2) This section shall take effect immediately.
8 (3) The remainder of this act shall take effect in 60
9 days.
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