North Carolina General Statutes 169-4. North Carolina Innovation Council established
(a) The North Carolina Innovation Council is established. The purpose of the Innovation Council is to support innovation, investment, and job creation within North Carolina by encouraging participation in the regulatory sandbox. The Council is empowered to set standards, principles, guidelines, and policy priorities for the types of innovations that the regulatory sandbox program will support. The Council shall be responsible for admission into the regulatory sandbox program and for assigning selected participants to the applicable State agency.
(b) The Council shall consist of 11 members, as follows:
(1) The Commissioner of Banks or appointed designee.
Terms Used In North Carolina General Statutes 169-4
- Ex officio: Literally, by virtue of one's office.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
- Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) The Commissioner of Insurance and Fire Marshal or appointed designee.
(3) The Secretary of State or appointed designee.
(4) The Attorney General or appointed designee.
(5) Two public members appointed by the Governor.
(6) One public member appointed by the Lieutenant Governor.
(7) Two public members from academia appointed by the General Assembly upon the recommendation of the President Pro Tempore of the Senate.
(8) Two public members from the North Carolina entrepreneurial or blockchain community appointed by the General Assembly upon the recommendation of the Speaker of the House of Representatives.
Public members shall have a background in one or more of the following areas or related areas: financial services; insurance; blockchain; FinTech; InsurTech; or entrepreneurship.
(c) Appointed members of the Council shall serve terms of four years, beginning on October 1, 2021, and every four years thereafter, except that one each of the two members appointed by the Governor, the General Assembly upon the recommendation of the President Pro Tempore of the Senate, and the General Assembly upon the recommendation of the Speaker of the House of Representatives shall serve an initial term of two years, and every four years thereafter. Appointed members may be reappointed but shall not serve more than two consecutive terms. Vacancies among appointed members shall be filled by the appointing authority and shall be for the remainder of the unexpired term.
(d) Upon appointment of a majority of the appointed members, the Secretary of State shall call the first meeting of the Council. At its initial meeting the Council shall elect an ex officio member as chair and an appointed member as vice-chair, each of whom shall serve a term of two years.
(e) The Council shall meet at least quarterly but may meet more frequently upon the call of the chair. A majority of the Council membership shall constitute a quorum.
(f) Members of the Council shall receive no compensation for their services other than such per diem compensation and necessary travel and subsistence expenses while engaged in the official discharge of their official duties as is provided by law for members of State boards and commissions. (2021-166, s. 1.)