PRIOR PRINTER'S NOS. 452, 1410, 1467 PRINTER'S NO. 1525
No. 429 Session of 1997
INTRODUCED BY GREENLEAF, AFFLERBACH, O'PAKE, GERLACH, HART,
HECKLER AND TOMLINSON, FEBRUARY 11, 1997
AS AMENDED ON THIRD CONSIDERATION, DECEMBER 8, 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," providing for the salaries of commissioners; and
7 making repeals.
8 The General Assembly of the Commonwealth of Pennsylvania
9 hereby enacts as follows:
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
1 Law."
2 Section 2. (a) Section 305 of the act of April 9, 1929
3 (P.L.177, No.175), known as The Administrative Code of 1929, is
4 repealed.
5 (b) The following acts and parts of acts are repealed
6 insofar as they are inconsistent with this act THEY ESTABLISHED <--
7 SALARIES FOR THE CHAIRMAN AND MEMBERS OF THE SECURITIES
8 COMMISSION:
9 Act of September 2, 1961 (P.L.1177, No.525), referred to as
10 the Board and Commission Compensation Law.
11 Section 3(b.1) of the act of September 30, 1983 (P.L.160,
12 No.39), known as the Public Official Compensation Law.
13 Section 3. This act shall take effect as follows: <--
14 (1) The addition of section 601.1(b) of the act shall
15 take effect January 1, 1998.
16 (2) This section shall take effect immediately.
17 (3) The remainder of this act shall take effect in 60
18 days. IMMEDIATELY AND BE APPLICABLE AS CONSTITUTIONALLY <--
19 PERMISSIBLE.
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