In the private limited liability companies:
Office of managers continues up to termination by removal or resignation, without prejudice to the fact that the company’s memorandum or the act of appointment provides the duration of same.
In the public limited liability companies:
The members of the board of directors are appointed for a term established in the company’s memorandum, which cannot exceed a time period of four calendar years, the calendar year when the directors have been appointed being counted as a full year; should such term not be established in the company’s memorandum, the appointment is considered as having been made for a time period of four calendar years, re-election being then allowed.
Although appointed for a fixed term, the members of the board of directors shall remain in office up to a new appointment.