Bill Text: NJ A3185 | 2014-2015 | Regular Session | Introduced
Bill Title: Increases number of votes needed to remove Director of Division of Investment in Department of Treasury from office.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-05-15 - Introduced, Referred to Assembly State and Local Government Committee [A3185 Detail]
Download: New_Jersey-2014-A3185-Introduced.html
Sponsored by:
Assemblyman ANTHONY M. BUCCO
District 25 (Morris and Somerset)
SYNOPSIS
Increases number of votes needed to remove Director of Division of Investment in Department of Treasury from office.
CURRENT VERSION OF TEXT
As introduced.
An Act increasing the number of votes needed to remove the Director of the Division of Investment in the Department of the Treasury from office, amending P.L.1950, c.270.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 6 of P.L.1950, c.270 (C.52:18A-84) is amended to read as follows:
6. The Division of Investment established hereunder shall be under the immediate supervision and direction of a director, who shall be a person qualified by training and experience to direct the work of such division. The director of such division shall be appointed by the State Treasurer from a list of one or more persons qualified for such office and submitted to the State Treasurer by the State Investment Council; provided, that the State Treasurer may require the submission of an additional list or lists. Each list so submitted by the council shall also contain the qualifications of each person whose name appears thereon who shall be certified by the council to the State Treasurer as qualified for the office of director of such division. The detailed qualifications of each person so named by the council shall be contained in such certification.
Any director so appointed shall serve without term but may be removed from office (a) by the State Treasurer, for cause, upon notice and opportunity to be heard at a public hearing, or (b) by the State Investment Council, if [seven] nine or more members thereof shall vote for such director's removal from office.
Any vacancy occurring in the office of the Director of the Division of Investment shall be filled in the same manner as the original appointment.
The director of said division shall devote his entire time and attention to the duties of his office and shall not be engaged in any other occupation or profession. Notwithstanding any other provision of law to the contrary, the State Treasurer shall determine the salary of the director the amount of which shall not exceed $200,000.
(cf: P.L.1998, c.38, s.2)
2. This act shall take effect immediately and apply to all votes taken for the director's removal from office on or after the date of enactment.
STATEMENT
This bill increases, from seven to nine, the number of State Investment Council members that are needed to affirmatively vote to remove the Director of the Division of Investment in the Department of the Treasury from office.
Under current law, the Director of the Division of Investment is appointed by the State Treasurer from a list of one or more qualified persons submitted to the State Treasurer by the State Investment Council. The director, once appointed, is permitted to serve without term, but may be removed from office under certain conditions.
Current law provides that the director may be removed from office by the State Treasurer, for cause, upon notice and opportunity to be heard at a public hearing. Additionally, the law provides that the director may be removed by the council if seven or more of the 16 members of the council vote in favor of removal.
This bill changes current law to ensure that a majority of the membership of the council is needed. Under the bill, at least nine of the 16 members appointed to the council must vote in favor of removal to effectuate the director's removal from office.
The bill takes effect immediately and applies to all votes taken for the director's removal on or after the date of enactment.
