{"data":{"id":"us-ga/o.c.g.a.-7-1-480","jurisdiction":"us-ga","citation":"O.C.G.A. § 7-1-480","heading":"Board of directors.","body":"(a) Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors.\n(b) Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall:\n(1) Reside in Georgia; or\n(2) Reside within 40 miles of any banking location authorized to offer a complete banking or trust service.\n(c) The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided that the residency of directors is consistent with the bank’s articles of incorporation and bylaws.\n(d) The department may waive or modify the requirements of subsection (b) of this Code section relating to the residency requirements in the State of Georgia.\n(e) Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company.","path":["TITLE 7 Banking And Finance","CHAPTER 1 Financial Institutions","Article 2 Banks and Trust Companies","PART 12 Management"],"source_url":"https://archive.org/download/gov.ga.ocga.2018/release86.2022.11/gov.ga.ocga.title.07.odt","current_through":"Release 86 (2022-11)","vintage":"Public.Resource.Org bulk O.C.G.A., Release 86 (2022-11), retrieved 2026-09-17","retrieved_at":"2026-09-17T19:34:57Z","sha256":"e33d5fa717aec925b77f880d755db6b501f254cbfb9080d0d7e09d589be16977","source_id":"us-ga","stale":false,"prev":"us-ga/o.c.g.a.-7-1-463","next":"us-ga/o.c.g.a.-7-1-481"},"notice":"GroundRules: Original legal text. Not legal advice."}