The Supreme Court decided that unless the deed of association stipulates otherwise, the term of office of a Management Board member in a limited liability company (Sp. z o.o.) expires on the day of the Shareholders’ Meeting which approves the financial statement for the first full financial year of holding the position by the Management Board member even if by resolution of the shareholders of the company the appointment was for indefinite period of time (court file no. III CZP 23/10).