Pursuant to the Law of Georgia on the National Bank of Georgia, the Board is the supreme body of the National Bank of Georgia, which is composed of nine members. The members of the NBG Board may be Georgian or foreign citizens known for their integrity, who are recognized as professionals in economics, finance and/or any other relevant field. Herewith, the number of relevant field specialists on the NBG Board (other than economics or finance) should not exceed two. The Chairman of the Board is the Governor of the National Bank of Georgia. In addition to the Chairman, the Board has the first Vice Governor and two Vice Governors among its other members. Members of the NBG Board are elected for seven-year terms upon the nomination of candidates by the President of Georgia and following a majority vote in parliament. The Governor of the National Bank of Georgia is appointed and dismissed among the Board members and by the President of Georgia upon the nomination of the NBG Board; The Vice-Governors of the National Bank of Georgia are appointed and dismissed by the NBG Board upon the nomination of the Governor of the National Bank of Georgia; in the case of the dismissal of the NBG Governor, by the nomination of at least 2 members of the NBG Board. Members of the NBG Board, excluding the NBG Governor and Vice Governors, are not public servants.