(1) The founders are to appoint the first supervisory board of the company and the statutory auditor of the accounts for the first complete or incomplete financial year. The appointment must be recorded by a notary.
(2) The provisions governing the appointment of supervisory board members representing the company’s employees are not to be applied to the composition and appointment of the first supervisory board.
(3) The members of the first supervisory board may not be appointed for a term of office extending beyond the time at which that general meeting is closed that has adopted a resolution regarding the approval of the management’s actions during the first complete or incomplete financial year and regarding the discharge to be granted to the management. The management board is to give notice by publication, in due time prior to expiry of the first supervisory board’s term of office, of those statutory provisions that, in its view, are to govern the composition of the next supervisory board; sections 96 to 99 are to be applied.
(4) The supervisory board appoints the first management board.