The vote was held at a ‘constituent assembly’ called to decide on reforms wanted by leader Giuseppe Conte.
The members also voted to eliminate the role of ‘guarantor’ held by founder Beppe Grillo.
Grillo opposed the reforms, and his loyalists boycotted the assembly in an unsuccessful bid to stop it reaching quorum.
Changes to the M5S statute extending the limit to three terms and giving exemptions to mayoral and regional governor candidates both passed with more than 50 per cent of the votes in favour.
Designed to prevent M5S representatives becoming part of the political ‘caste’, the two-term limit was one of the key principles of the anti-establishment movement when comedian-cum-politician Grillo founded it in 2009.
But Conte said it needed to change for the M5S to take advantage of the experience its representatives have accrued and help reverse a recent drop in popularity.
“The indication on the limit of two mandates is clear,” said Conte.
“The clear signal you have given us is to valorise our experiences and skills.
“You are tired of fighting on unequal terms with other political parties.”
The members also voted that any eventual alliances the M5S enters into must be conditional on the agreement of a specific program.
ANSA