The Members’ Meeting (“MM”) together with the Director(s), the Supervisory Board (“SB”) and the Manager(s) is part of an organizational structure in a Limited Liability Company (“LLC”). In addition to the MM, the Company must have one or more Directors, and a SB and it may have one or more Managers.

Division of Duties: In general, the MM is the supreme body of a Company and within its power it expresses the Company’s will.

Composition: The MM is composed by the Members of the Company, legally convened and gathered. The LLC can have a maximum of 20 Members.

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Appointment/Dismissal Competence:  An ordinary MM shall gather at least once a year within the 4 months following closing of its fiscal year. In addition to any other matter included in the agenda, it will cover the following: (i) discuss, approve or disapprove the profit and loss statement and the general balance of the Company, the management report, and the supervisory report; (ii) appoint and remove the Director(s), the SB and determine their payments; (iii) acknowledge and resolve any earnings of the Company; and (iv) acknowledge and resolve on any other matters included in the Articles of Association (“AoA”). An extraordinary MM shall meet at any time to discuss the following: (i) any amendment to the AoA, including capital increase or capital reduction; (ii) dissolution of the Company; (iii) other matters included in the AoA or the law; and (vi) any other matter.

Alternates: Unless otherwise provided by the AoA, the Members may be represented by Power of Attorney or proxy letters.

NB! The processes for appointment and dismissal to the Members' Meeting are not described in more detail at the LCB site.