(a) Within 90 days after the provisions of the law creating the board become effective, and at least 30 days prior to the expiration of the term of any bank member, and within 60 days after a vacancy has occurred for any reason other than expiration of term in the office of any bank member, the Department of Financial Services (the department) shall notify the institutions in the group or groups described in section 100.2 of this Part in which such vacancy has occurred or will occur of the opportunity to nominate candidates to serve as the person representing such group. Such notice may be given by such means as the superintendent deems appropriate, including publication in the bulletin of the department.

(b) Upon the expiration of a period prescribed by the superintendent, which shall be not less than 15 days nor more than 45 days from the date on which such nominations were first solicited, the names of the persons nominated shall be submitted to the superintendent.

(c) No institution shall nominate more than one person for any vacancy.

(d) Notwithstanding the foregoing provisions of this section, no solicitation for nominations of candidates shall be required prior to the reappointment of a person who has served not more than one year as a member of the board.