¹ Where pub­lic sec­tor cor­por­a­tions such as the Con­fed­er­a­tion, or a can­ton, dis­trict or com­mune have a pub­lic in­terest in a com­pany lim­ited by shares, the art­icles of as­so­ci­ation of the com­pany may grant that cor­por­a­tion the right to ap­point rep­res­ent­at­ives to the board of dir­ect­ors or the ex­tern­al aud­it­ors, even if it is not a share­hold­er.⁵⁵³

² In such com­pan­ies and in pub­lic-private en­ter­prises in which a pub­lic sec­tor cor­por­a­tion par­ti­cip­ates as a share­hold­er, only the pub­lic sec­tor cor­por­a­tion has the right to dis­miss the rep­res­ent­at­ives it ap­poin­ted to the board of dir­ect­ors and the ex­tern­al aud­it­ors.

³ The mem­bers of the board of dir­ect­ors and ex­tern­al aud­it­ors ap­poin­ted by a pub­lic sec­tor cor­por­a­tion have the same rights and du­ties as those elec­ted by the gen­er­al meet­ing.⁵⁵⁴

⁴ The pub­lic sec­tor cor­por­a­tion is li­able to the com­pany, share­hold­ers and cred­it­ors for the ac­tions of the mem­bers of the board of dir­ect­ors and ex­tern­al aud­it­ors it ap­points, sub­ject to rights of re­course un­der fed­er­al and can­ton­al law.

¹ The pro­vi­sions gov­ern­ing the com­pany lim­ited by shares are not ap­plic­able to com­pan­ies and en­tit­ies es­tab­lished by spe­cial can­ton­al le­gis­la­tion and partly ad­min­istered by the pub­lic au­thor­it­ies, such as banks, in­sur­ance or elec­tri­city com­pan­ies, even if their cap­it­al is en­tirely or partly di­vided in­to shares and was raised with the help of private in­di­vidu­als, provid­ing the can­ton as­sumes sec­ond­ary li­ab­il­ity for the ob­lig­a­tions of such com­pan­ies and en­tit­ies.

² The pro­vi­sions gov­ern­ing the com­pany lim­ited by shares are not ap­plic­able to com­pan­ies and en­tit­ies es­tab­lished by spe­cial can­ton­al le­gis­la­tion pri­or to 1 Janu­ary 1883 and partly ad­min­istered by the pub­lic au­thor­it­ies even if the can­ton does not as­sume sec­ond­ary li­ab­il­ity for their ob­lig­a­tions.

¹ A part­ner­ship lim­ited by shares is a part­ner­ship whose cap­it­al is di­vided in­to shares and in which one or more part­ners have un­lim­ited joint and sev­er­al li­ab­il­ity to its cred­it­ors in the same man­ner as part­ners in a gen­er­al part­ner­ship.

² Un­less oth­er­wise provided, the pro­vi­sions gov­ern­ing com­pan­ies lim­ited by shares ap­ply to part­ner­ships lim­ited by shares.

³ Where the cap­it­al of a part­ner­ship lim­ited by shares is not di­vided in­to shares but in­to por­tions which merely define the de­gree of par­ti­cip­a­tion of two or more lim­ited part­ners, the pro­vi­sions gov­ern­ing lim­ited part­ner­ships ap­ply.

¹ The part­ners with un­lim­ited li­ab­il­ity con­sti­tute the dir­ect­ors of the part­ner­ship lim­ited by shares. They are re­spons­ible for busi­ness man­age­ment and rep­res­ent­a­tion. They must be named in the art­icles of as­so­ci­ation.

² The names of the dir­ect­ors and per­sons au­thor­ised to rep­res­ent the part­ner­ship and their ad­dresses, places of ori­gin and func­tion must be entered in the com­mer­cial re­gister.⁵⁵⁵

³ Any changes to the body of part­ners with un­lim­ited li­ab­il­ity re­quire the con­sent of the ex­ist­ing part­ners and the amend­ment of the art­icles of as­so­ci­ation.

Res­ol­u­tions of the gen­er­al meet­ing con­cern­ing modi­fic­a­tion of the part­ner­ship’s pur­pose, ex­ten­sion or cur­tail­ment of its areas of busi­ness and con­tinu­ation of the part­ner­ship bey­ond the dur­a­tion spe­cified in the art­icles of as­so­ci­ation re­quire the con­sent of the dir­ect­ors.

¹ Au­thor­ity to man­age busi­ness and rep­res­ent the part­ner­ship may be with­drawn from dir­ect­ors on the same con­di­tions as ap­ply to gen­er­al part­ner­ships.

² If re­moved, a dir­ect­or no longer has un­lim­ited li­ab­il­ity for the fu­ture ob­lig­a­tions of the part­ner­ship.

¹ Re­spons­ib­il­ity for mon­it­or­ing and con­tinu­ous su­per­vi­sion of the man­age­ment of the part­ner­ship’s busi­ness is al­loc­ated to a su­per­vis­ory board, to which the art­icles of as­so­ci­ation may al­loc­ate fur­ther re­spons­ib­il­it­ies.

² The part­ner­ship’s dir­ect­ors have no right to vote on the ap­point­ment of the su­per­vis­ory board.

³ The par­tic­u­lars of the mem­bers of the su­per­vis­ory board must be entered in the com­mer­cial re­gister.

¹ On be­half of the part­ner­ship, the su­per­vis­ory board may hold the dir­ect­ors to ac­count and take ac­tion against them be­fore the courts.

² In the event of ma­li­cious con­duct by the dir­ect­ors, the su­per­vis­ory board is en­titled to take leg­al ac­tion against them even if this is con­tra­dict­ory to a res­ol­u­tion of the gen­er­al meet­ing.

¹ The part­ner­ship is ter­min­ated by the de­par­ture, death, in­ca­pa­city or bank­ruptcy of all the part­ners with un­lim­ited li­ab­il­ity.

² In oth­er re­spects, dis­sol­u­tion of the part­ner­ship lim­ited by shares is gov­erned by the same pro­vi­sions as ap­ply to the dis­sol­u­tion of com­pan­ies lim­ited by shares; however, it may be dis­solved by res­ol­u­tion of the gen­er­al meet­ing be­fore the date set in the art­icles of as­so­ci­ation only with the con­sent of the dir­ect­ors.

³ ...⁵⁵⁶

¹ A part­ner with un­lim­ited li­ab­il­ity has the same right to resign as a part­ner in a gen­er­al part­ner­ship.

² Where one of two or more part­ners with un­lim­ited li­ab­il­ity ex­er­cises his right to resign, un­less the art­icles of as­so­ci­ation provide oth­er­wise the part­ner­ship is con­tin­ued by the oth­ers.

¹ A lim­ited li­ab­il­ity com­pany is an in­cor­por­ated com­pany with sep­ar­ate leg­al per­son­al­ity in which one or more per­sons or com­mer­cial en­ter­prises par­ti­cip­ate. Its nom­in­al cap­it­al is spe­cified in the art­icles of as­so­ci­ation. It is li­able for its ob­lig­a­tions to the ex­tent of the com­pany as­sets.

² Each com­pany mem­ber par­ti­cip­ates in the nom­in­al cap­it­al by mak­ing at least one cap­it­al con­tri­bu­tion. The art­icles of as­so­ci­ation may stip­u­late ob­lig­a­tions to make ad­di­tion­al fin­an­cial and ma­ter­i­al con­tri­bu­tions.

The nom­in­al cap­it­al must amount to at least 20,000 francs.

¹ The nom­in­al value of the cap­it­al con­tri­bu­tion must be at least 100 francs. In the event of re­struc­tur­ing, it may be re­duced to one franc.

² Cap­it­al con­tri­bu­tions must be paid up to at least their nom­in­al value.

The art­icles of as­so­ci­ation may provide for the cre­ation of profit shar­ing cer­ti­fic­ates; the cor­res­pond­ing pro­vi­sions for com­pan­ies lim­ited by shares ap­ply.

A lim­ited li­ab­il­ity com­pany may be es­tab­lished by one or more nat­ur­al per­sons or leg­al en­tit­ies or oth­er com­mer­cial en­ter­prises.

The art­icles of as­so­ci­ation must con­tain pro­vi­sions on:

1.

the busi­ness name and seat of the com­pany;

2.

the ob­jects of the com­pany;

3.

the amount of nom­in­al cap­it­al and of the num­ber and nom­in­al value of the cap­it­al con­tri­bu­tions;

4.

the form of the com­pany’s ex­tern­al com­mu­nic­a­tions.

In or­der to be bind­ing, pro­vi­sions on the fol­low­ing mat­ters must be in­cluded in the art­icles of as­so­ci­ation:

1.

the grounds and terms for mak­ing ad­di­tion­al fin­an­cial and ma­ter­i­al con­tri­bu­tions;

2.

the grounds for and the terms of first op­tion, pre-emption and pur­chase rights of com­pany mem­bers or the com­pany in re­la­tion to the cap­it­al con­tri­bu­tions;

3.

pro­hib­i­tion of com­pet­i­tion clauses ap­plic­able to com­pany mem­bers;

4.

con­trac­tu­al pen­al­ties to en­sure the ful­fil­ment of ob­lig­a­tions im­posed by law or the art­icles of as­so­ci­ation;

5.

pref­er­en­tial rights that are tied to in­di­vidu­al classes of cap­it­al con­tri­bu­tions (pref­er­en­tial cap­it­al con­tri­bu­tions);

6.

com­pany mem­bers' rights to veto res­ol­u­tions of the mem­bers’ gen­er­al meet­ing;

7.

re­stric­tions on the vot­ing rights of com­pany mem­bers and their rights to ap­point rep­res­ent­at­ives;

8.

profit-shar­ing cer­ti­fic­ates;

9.

re­serves in ac­cord­ance with the art­icles of as­so­ci­ation;

10.

powers ac­cor­ded to the mem­bers’ gen­er­al meet­ing that go bey­ond its stat­utory re­spons­ib­il­it­ies;

11.

the ap­prov­al by the mem­bers’ gen­er­al meet­ing of cer­tain de­cisions made by the man­aging dir­ect­ors;

12.

the re­quire­ment of the con­sent of the mem­bers' gen­er­al meet­ing to the des­ig­na­tion of nat­ur­al per­sons to ex­er­cise man­age­ment rights for com­pany mem­bers that are the leg­al en­tit­ies or com­mer­cial en­ter­prises;

13.

the power of the man­aging dir­ect­or to ap­point man­agers, au­thor­ised sig­nat­or­ies and au­thor­ised of­ficers;

14.

the pay­ment of shares of profits to the man­aging dir­ect­ors;

15.

in­terest paid to com­pany mem­bers un­til com­mence­ment of the com­pany’s op­er­a­tions;

16.

the or­gan­isa­tion and du­ties of the aud­it­or, where these go bey­ond those pre­scribed by law;

17.

the grant­ing of a right to resign un­der the art­icles of as­so­ci­ation, the con­di­tions for ex­er­cising the same and the sev­er­ance pay­ment to be made;

18.

spe­cial reas­ons for ex­clud­ing com­pany mem­bers from the com­pany;

19.

grounds for dis­sol­u­tion that dif­fer from the stat­utory grounds.

² In or­der to be bind­ing, pro­vi­sions on the fol­low­ing mat­ters that dif­fer from the stat­utory reg­u­la­tions must also be in­cluded in the art­icles of as­so­ci­ation:

1.

res­ol­u­tions on the sub­sequent cre­ation of new pref­er­en­tial cap­it­al con­tri­bu­tions;

2.

the trans­fer of cap­it­al con­tri­bu­tions;

3.

the con­ven­ing of the mem­bers’ gen­er­al meet­ing;

4.

the al­loc­a­tion of vot­ing rights to com­pany mem­bers;

5.

res­ol­u­tions passed in the mem­bers’ gen­er­al meet­ing;

6.

de­cisions made by the man­aging dir­ect­or;

7.

man­age­ment and the rep­res­ent­a­tion;

8.

pro­hib­i­tion of com­pet­i­tion clauses ap­plic­able to the man­aging dir­ect­ors.

¹ The com­pany is es­tab­lished when the founder mem­bers de­clare in pub­lic deed that they are found­ing a lim­ited li­ab­il­ity com­pany, lay down the art­icles of as­so­ci­ation and ap­point the man­age­ment bod­ies.

² In the cer­ti­fic­ate of in­cor­por­a­tion, the founder mem­bers sub­scribe for the cap­it­al con­tri­bu­tions and state that:

1.

all cap­it­al con­tri­bu­tions are val­idly sub­scribed for;

2.

the cap­it­al con­tri­bu­tions cor­res­pond to their total is­sue price;

3.

the stat­utory re­quire­ments and re­quire­ments of the art­icles of as­so­ci­ation for the pay­ment of the cap­it­al con­tri­bu­tions are ful­filled;

4.

they ac­cept the ob­lig­a­tions in terms of the art­icles of as­so­ci­ation to make ad­di­tion­al fin­an­cial or ma­ter­i­al con­tri­bu­tions;

5.⁵⁵⁸

there are no oth­er con­tri­bu­tions in kind, ac­quis­i­tions in kind or in­ten­ded ac­quis­i­tions in kind, in­stances of off­set­ting or spe­cial priv­ileges oth­er than those men­tioned in the sup­port­ing doc­u­ments.

¹ In or­der to be val­id, the sub­scrip­tion deed for the cap­it­al con­tri­bu­tions must in­dic­ate the num­ber, nom­in­al value and is­sue price as well as the class of cap­it­al con­tri­bu­tion if ap­plic­able.

² In the sub­scrip­tion deed, ref­er­ence must be made to the pro­vi­sions of the art­icles of as­so­ci­ation on:

1.

ob­lig­a­tions to make ad­di­tion­al fin­an­cial con­tri­bu­tions;

2.

ob­lig­a­tions to make fur­ther ma­ter­i­al con­tri­bu­tions;

3.

pro­hib­i­tion of com­pet­i­tion clauses ap­plic­able to com­pany mem­bers;

4.

first op­tion, pre-emption and pur­chase rights of com­pany mem­bers or the com­pany;

5.

con­trac­tu­al pen­al­ties.

¹ In the cer­ti­fic­ate of in­cor­por­a­tion, the not­ary must spe­cify the found­a­tion doc­u­ments in­di­vidu­ally and con­firm that they have been laid be­fore him and the founder mem­bers.

² The fol­low­ing doc­u­ments must be ap­pen­ded to the cer­ti­fic­ate of in­cor­por­a­tion:

1.

the art­icles of as­so­ci­ation;

2.

the in­cor­por­a­tion re­port;

3.

the audit con­firm­a­tion;

4.

con­firm­a­tion that the cap­it­al con­tri­bu­tions have been de­pos­ited in cash;

5.

the agree­ments on con­tri­bu­tions-in-kind;

6.

ex­ist­ing agree­ments on ac­quis­i­tions-in-kind.

¹ On found­a­tion, a cash de­pos­it cor­res­pond­ing to the full is­sue price must be made for each cap­it­al con­tri­bu­tion.

² In ad­di­tion, the pro­vi­sions on com­pan­ies lim­ited by shares ap­ply to:

1.

the spe­cific­a­tion of con­tri­bu­tions in kind, ac­quis­i­tions in kind and the spe­cial priv­ileges in the art­icles of as­so­ci­ation;

2.

the entry of de­tails of con­tri­bu­tions in kind, ac­quis­i­tions in kind and of spe­cial priv­ileges in the com­mer­cial re­gister;

3.

the pay­ment and audit of cap­it­al con­tri­bu­tions.

The com­pany must be entered in the com­mer­cial re­gister at the place where it has its seat.

¹ The com­pany ac­quires leg­al per­son­al­ity through entry in the com­mer­cial re­gister.

² It also ac­quires leg­al per­son­al­ity even if the re­quire­ments for re­gis­tra­tion are not in fact ful­filled.

³ Where the re­quire­ments of the law or the art­icles of as­so­ci­ation are not ful­filled on es­tab­lish­ment and if the in­terests of cred­it­ors or com­pany mem­bers are sub­stan­tially jeop­ard­ised or harmed thereby, the court may or­der the dis­sol­u­tion of the com­pany at the re­quest of a cred­it­or or mem­ber.

⁴ The right to take leg­al ac­tion lapses three months after no­tice is pub­lished of the es­tab­lish­ment of the com­pany in the Swiss Of­fi­cial Gaz­ette of Com­merce.

¹ Per­sons who act on be­half of the com­pany be­fore it is entered in the com­mer­cial re­gister are per­son­ally and jointly and sev­er­ally li­able for their acts.

² Where the com­pany ac­cepts ob­lig­a­tions with­in three months of its re­gis­tra­tion that were ex­pressly entered in­to in its name, the per­sons so act­ing are re­lieved of li­ab­il­ity and only the com­pany is li­able.

A res­ol­u­tion of the mem­bers’ gen­er­al meet­ing on an amend­ment to the art­icles of as­so­ci­ation must be pub­licly cer­ti­fied and entered in the com­mer­cial re­gister.

¹ The mem­bers’ gen­er­al meet­ing may re­solve to in­crease the nom­in­al cap­it­al.

² The im­ple­ment­a­tion of the res­ol­u­tion is the re­spons­ib­il­ity of the man­aging dir­ect­ors.

³ Sub­scrip­tion and the cap­it­al con­tri­bu­tions are gov­erned by the reg­u­la­tions on the es­tab­lish­ment of the com­pany. The ref­er­ence to rights and ob­lig­a­tions un­der the art­icles of as­so­ci­ation is not re­quired if the sub­scriber is already a mem­ber. The rel­ev­ant reg­u­la­tions on in­creas­ing the cap­it­al of a com­pany lim­ited by shares also ap­ply to the sub­scrip­tion form. A pub­lic in­vit­a­tion to sub­scribe to the cap­it­al con­tri­bu­tions is not per­mit­ted.⁵⁶⁰

⁴ An ap­plic­a­tion to re­gister the in­crease in the nom­in­al cap­it­al must be filed with the com­mer­cial re­gister with­in three months of the res­ol­u­tion of the mem­bers’ gen­er­al meet­ing, oth­er­wise the res­ol­u­tion be­comes in­val­id.

⁵ In ad­di­tion, the cor­res­pond­ing pro­vi­sions on an or­din­ary in­crease in cap­it­al for a com­pany lim­ited by shares ap­ply to:

1.

the form and con­tent of the res­ol­u­tion of the mem­bers' gen­er­al meet­ing;

2.

the sub­scrip­tion rights of com­pany mem­bers;

3.

an in­crease in the com­pany cap­it­al from equity cap­it­al;

4.

the re­port on the in­crease in cap­it­al and the audit con­firm­a­tion;

5.

the amend­ment of the art­icles of as­so­ci­ation and the de­clar­a­tions made by the man­aging dir­ect­ors;

6.

the re­gis­tra­tion of the in­crease in nom­in­al cap­it­al in the com­mer­cial re­gister and the nullity of of­fi­cial doc­u­ments is­sued pre­vi­ously.

¹ The mem­bers’ gen­er­al meet­ing may re­solve to re­duce the nom­in­al cap­it­al.

² Un­der no cir­cum­stances may the nom­in­al cap­it­al be re­duced be­low 20,000 francs.

³ In or­der to elim­in­ate a de­fi­cit bal­ance caused by losses, the nom­in­al cap­it­al may be re­duced only if the com­pany mem­bers have paid the ad­di­tion­al fin­an­cial con­tri­bu­tions provided for in the art­icles of as­so­ci­ation in full.

⁴ In ad­di­tion, the rel­ev­ant reg­u­la­tions on the re­duc­tion of the cap­it­al of a com­pany lim­ited by shares ap­ply.

¹ A com­pany may ac­quire its own cap­it­al con­tri­bu­tions only if freely dis­pos­able equity cap­it­al of a value equi­val­ent to the re­quired funds is avail­able and the total nom­in­al value of these cap­it­al con­tri­bu­tions does not ex­ceed ten per cent of the nom­in­al cap­it­al.

² Where cap­it­al con­tri­bu­tions are ac­quired in con­nec­tion with a re­stric­tion on trans­fer or the de­par­ture or ex­clu­sion of a mem­ber, the max­im­um amount that may be ac­quired is 35 per cent. The cap­it­al con­tri­bu­tions in ex­cess of 10 per cent of the nom­in­al cap­it­al must be sold with­in two years or can­celled by means of a re­duc­tion in cap­it­al.

³ Where the cap­it­al con­tri­bu­tions that are to be ac­quired are tied to an ob­lig­a­tion to make ad­di­tion­al fin­an­cial or ma­ter­i­al con­tri­bu­tions, this must be can­celled be­fore ac­quis­i­tion.

⁴ In ad­di­tion, the rel­ev­ant reg­u­la­tions on the ac­quis­i­tion by a com­pany lim­ited by shares of its own shares ap­ply to the ac­quis­i­tion by a lim­ited li­ab­il­ity com­pany of its own cap­it­al con­tri­bu­tions.

¹ Where an of­fi­cial doc­u­ment is is­sued in re­spect of cap­it­al con­tri­bu­tions, this may only take the form of a doc­u­ment in proof or re­gistered se­cur­ity.

² The of­fi­cial doc­u­ment must bear the same in­form­a­tion on rights and ob­lig­a­tions un­der the art­icles of as­so­ci­ation as the doc­u­ment on sub­scrip­tion to the cap­it­al con­tri­bu­tion.

¹ The as­sign­ment of a cap­it­al con­tri­bu­tion as well as an ob­lig­a­tion to as­sign must be done in writ­ing.

² The con­tract of as­sign­ment must con­tain the same in­form­a­tion on rights and ob­lig­a­tions un­der the art­icles of as­so­ci­ation as the doc­u­ment on sub­scrip­tion to the cap­it­al con­tri­bu­tion, un­less the ac­quirer is already a mem­ber.⁵⁶¹

¹ An as­sign­ment of a cap­it­al con­tri­bu­tion re­quires the con­sent of the mem­bers’ gen­er­al meet­ing. The mem­bers’ gen­er­al meet­ing may re­fuse con­sent without stat­ing its reas­ons.

² The art­icles of as­so­ci­ation made de­vi­ate from the fore­go­ing by:

1.

waiv­ing the re­quire­ment of con­sent to the as­sign­ment;

2.

stat­ing the grounds jus­ti­fy­ing re­fus­al of con­sent to the as­sign­ment;

3.

provid­ing that con­sent to the as­sign­ment may be re­fused if the com­pany of­fers to ac­quire the cap­it­al con­tri­bu­tion from the seller at its true value;

4.

pro­hib­it­ing any as­sign­ment;

5.

provid­ing that con­sent to the as­sign­ment may be re­fused if there is doubt that ob­lig­a­tions un­der the art­icles of as­so­ci­ation to make ad­di­tion­al fin­an­cial or ma­ter­i­al con­tri­bu­tions will be ful­filled and se­cur­ity re­ques­ted by the com­pany is not provided.

³ Where the art­icles of as­so­ci­ation pro­hib­it as­sign­ment or the mem­bers' gen­er­al meet­ing re­fuses to con­sent to the as­sign­ment, the right to resign for good cause is re­served.

¹ Where the con­sent of the mem­bers’ gen­er­al meet­ing is re­quired for the as­sign­ment of cap­it­al con­tri­bu­tions, as­sign­ment be­comes leg­ally ef­fect­ive only when this con­sent is gran­ted.

² If the mem­bers’ gen­er­al meet­ing fails to re­fuse con­sent to the as­sign­ment with­in six months of its re­ceipt, con­sent is deemed to have been gran­ted.

¹ Where cap­it­al con­tri­bu­tions are ac­quired through in­her­it­ance, dis­tri­bu­tion of an es­tate, mat­ri­mo­ni­al prop­erty law or en­force­ment pro­ceed­ings, all re­lated rights and ob­lig­a­tions are trans­ferred to the ac­quirer without re­quir­ing the con­sent of the mem­bers’ gen­er­al meet­ing.

² In or­der to ex­er­cise vot­ing rights and re­lated rights, however, the ac­quirer re­quires the re­cog­ni­tion of the mem­bers’ gen­er­al meet­ing as a com­pany mem­ber who is eli­gible to vote.

³ The mem­bers’ gen­er­al meet­ing may re­fuse such re­cog­ni­tion only if the com­pany of­fers to ac­quire the cap­it­al con­tri­bu­tions from the ac­quirer at their true value. The of­fer may be made for the com­pany's own ac­count or for the ac­count of oth­er com­pany mem­bers or third parties. Un­less the ac­quirer re­jects the of­fer with­in a month of re­ceiv­ing no­tice of the true value, the of­fer is deemed to be ac­cep­ted.

⁴ Un­less the mem­bers’ gen­er­al meet­ing re­jects the re­quest for re­cog­ni­tion with­in six months of its re­ceipt, re­cog­ni­tion is deemed to be gran­ted.

⁵ The art­icles of as­so­ci­ation may waive the re­quire­ment of re­cog­ni­tion.

¹ If the law or the art­icles of as­so­ci­ation stip­u­late that the true value of the cap­it­al con­tri­bu­tions should be de­term­ined, the parties may re­quest the court to make the valu­ation.

² The court al­loc­ates the costs of the pro­ceed­ings and the valu­ation at its dis­cre­tion.

¹ The cre­ation of a usu­fruct over cap­it­al con­tri­bu­tions is gov­erned by the reg­u­la­tions on the trans­fer of cap­it­al con­tri­bu­tions.

² If the art­icles of as­so­ci­ation pro­hib­it as­sign­ment, then the cre­ation of a usu­fruct over cap­it­al con­tri­bu­tions is also pro­hib­ited.

¹ The art­icles of as­so­ci­ation may provide that the cre­ation of a charge over cap­it­al con­tri­bu­tions re­quires the con­sent of the mem­bers’ gen­er­al meet­ing. This may re­fuse its con­sent only for good cause.

² If the art­icles of as­so­ci­ation pro­hib­it as­sign­ment, then the cre­ation of a charge over cap­it­al con­tri­bu­tions is also pro­hib­ited.

¹ The com­pany keeps a re­gister of cap­it­al con­tri­bu­tions. It must be kept in such a man­ner that it can be ac­cessed at any time in Switzer­land.⁵⁶²

² The fol­low­ing in­form­a­tion must be entered in the re­gister of con­tri­bu­tions:

1.

the names and ad­dresses of the com­pany mem­bers;

2.

the num­ber, the nom­in­al value and, if ap­plic­able, the class of the cap­it­al con­tri­bu­tions of each com­pany mem­ber;

3.

the names and ad­dresses of usu­fructu­ar­ies;

4.

the names and ad­dresses of charge cred­it­ors.

³ Com­pany mem­bers not en­titled to ex­er­cise vot­ing rights and re­lated rights must be spe­cific­ally in­dic­ated as com­pany mem­bers without the right to vote.

⁴ Com­pany mem­bers have the right to in­spect the re­gister of con­tri­bu­tions.

⁵ The doc­u­ments on which an entry is based must be re­tained for ten years fol­low­ing the de­le­tion of the per­son con­cerned from the re­gister of cap­it­al con­tri­bu­tions.⁵⁶³

¹ Any per­son who alone or by agree­ment with third parties ac­quires cap­it­al con­tri­bu­tions and thus reaches or ex­ceeds the threshold of 25 per cent of the nom­in­al cap­it­al or vot­ing rights must with­in one month give no­tice to the com­pany of the first name and sur­name and the ad­dress of the nat­ur­al per­son for whom it is ul­ti­mately act­ing (the be­ne­fi­cial own­er).

² If the com­pany mem­ber is a leg­al en­tity or part­ner­ship, each nat­ur­al per­son that con­trols the com­pany mem­ber in ana­log­ous ap­plic­a­tion of Art­icle 963 para­graph 2 must be re­cor­ded as a be­ne­fi­cial own­er. If there is no such per­son, the com­pany mem­ber must give no­tice of this to the com­pany.

³ If the com­pany mem­ber is a com­pany whose par­ti­cip­a­tion rights are lis­ted on a stock ex­change, if the com­pany mem­ber is con­trolled by such a com­pany in ac­cord­ance with Art­icle 963 para­graph 2, or if the com­pany mem­ber con­trols such a com­pany in this sense, it must only give no­tice of this fact and provide de­tails of the com­pany’s name and re­gistered of­fice.

⁴ The com­pany mem­ber must with­in three months give no­tice to the com­pany of any change to the first name or sur­name or the ad­dress of the be­ne­fi­cial own­er.

⁵ The pro­vi­sions of the law on com­pan­ies lim­ited by shares re­lat­ing to the re­gister of be­ne­fi­cial own­ers (Art. 697l)and the con­sequences of fail­ing to com­ply with the ob­lig­a­tions to give no­tice (Art. 697m) ap­ply mu­tatis mutandis.

¹ The name, ad­dress and place of ori­gin of com­pany mem­bers, to­geth­er with the num­ber and the nom­in­al value of their cap­it­al con­tri­bu­tions must be entered in the com­mer­cial re­gister.

² The com­pany must give no­tice of re­gis­tra­tion.

Where a cap­it­al con­tri­bu­tion has two or more hold­ers:

1.

they must des­ig­nate one per­son as their rep­res­ent­at­ive; they may ex­er­cise the rights con­ferred by the cap­it­al con­tri­bu­tion only through this per­son;

2.

they are jointly and sev­er­ally li­able in re­spect of ob­lig­a­tions to make ad­di­tion­al fin­an­cial and ma­ter­i­al con­tri­bu­tions.

¹ The com­pany mem­bers are ob­liged to make a pay­ment cor­res­pond­ing to the is­sue price of their cap­it­al con­tri­bu­tions.

² The pay­ments may not be re­fun­ded.

The com­pany is li­able for its ob­lig­a­tions to the ex­tent of the com­pany as­sets only.

¹ The art­icles of as­so­ci­ation may re­quire the com­pany mem­bers to make ad­di­tion­al cap­it­al con­tri­bu­tions.

² If the art­icles of as­so­ci­ation provide for an ob­lig­a­tion to make ad­di­tion­al fin­an­cial con­tri­bu­tions, they must stip­u­late the amount of ad­di­tion­al cap­it­al that may be re­quired to be paid for each cap­it­al con­tri­bu­tion. This may not ex­ceed twice the nom­in­al value of the cap­it­al con­tri­bu­tion.

³ The com­pany mem­bers are li­able only to the ex­tent of the ad­di­tion­al fin­an­cial con­tri­bu­tions to be made on their own cap­it­al con­tri­bu­tions.

¹ Ad­di­tion­al fin­an­cial con­tri­bu­tions are called in by the man­aging dir­ect­ors.

² They may be called in only if:

1.

the sum of the nom­in­al cap­it­al and stat­utory re­serves is no longer covered;

2.

the com­pany is un­able to con­tin­ue its busi­ness af­fairs in the prop­er man­ner without the ad­di­tion­al funds;

3.

the com­pany re­quires equity cap­it­al for reas­ons spe­cified in the art­icles of as­so­ci­ation.

³ Ad­di­tion­al fin­an­cial con­tri­bu­tions fall due for pay­ment if the com­pany is de­clared bank­rupt.

Ad­di­tion­al fin­an­cial con­tri­bu­tions may only be re­fun­ded in full or in part if the amount is covered by freely dis­pos­able equity cap­it­al and a li­censed audit ex­pert con­firms the same in writ­ing.

¹ An ob­lig­a­tion un­der the art­icles of as­so­ci­ation to make ad­di­tion­al fin­an­cial con­tri­bu­tions may be re­duced or ab­ol­ished only if the nom­in­al cap­it­al and the stat­utory re­serves are fully covered.

² The rel­ev­ant reg­u­la­tions on the re­duc­tion of the nom­in­al cap­it­al ap­ply.

¹ Com­pany mem­bers who resign from the com­pany re­main sub­ject to the ob­lig­a­tion to make ad­di­tion­al fin­an­cial con­tri­bu­tions for three fur­ther years sub­ject to the fol­low­ing con­di­tions. The time of resig­na­tion is de­term­ined by the entry in the com­mer­cial re­gister.

² Com­pany mem­bers who have been ex­cluded must only make ad­di­tion­al fin­an­cial con­tri­bu­tions if the com­pany is de­clared bank­rupt.

³ Their ob­lig­a­tion to make ad­di­tion­al fin­an­cial con­tri­bu­tions lapses in­so­far as it has been ful­filled by a leg­al suc­cessor.

⁴ The ex­tent of the ob­lig­a­tion of com­pany mem­bers who have resigned to make ad­di­tion­al fin­an­cial con­tri­bu­tions may not be in­creased.

¹ The art­icles of as­so­ci­ation may re­quire com­pany mem­bers to make fur­ther ma­ter­i­al con­tri­bu­tions.

² They may re­quire fur­ther ma­ter­i­al con­tri­bu­tions only if this serves the ob­jects of the com­pany, the main­ten­ance of its in­de­pend­ence or the pre­ser­va­tion of the com­pos­i­tion of the groups of com­pany mem­bers.

³ The ob­ject and ex­tent and oth­er es­sen­tial points ac­cord­ing to cir­cum­stances of any ob­lig­a­tion to make fur­ther ma­ter­i­al con­tri­bu­tions re­lated to a cap­it­al con­tri­bu­tion must be spe­cified in the art­icles of as­so­ci­ation. Ref­er­ence may be made to the reg­u­la­tions of the mem­bers' gen­er­al meet­ing for more pre­cise de­tails.

⁴ Ob­lig­a­tions un­der the art­icles of as­so­ci­ation to pay money or provide oth­er as­sets are sub­ject to the pro­vi­sions on ad­di­tion­al fin­an­cial con­tri­bu­tions if no ap­pro­pri­ate con­sid­er­a­tion is provided for and the call for ad­di­tion­al con­tri­bu­tions serves to cov­er equity cap­it­al re­quire­ments.

The ret­ro­spect­ive in­tro­duc­tion or amend­ment of ob­lig­a­tions to make ad­di­tion­al fin­an­cial or ma­ter­i­al con­tri­bu­tions un­der the art­icles of as­so­ci­ation re­quires the con­sent of all the com­pany mem­bers con­cerned.

¹ Di­vidends may only be paid from the bal­ance sheet profit and from re­serves formed for that pur­pose.

² The di­vidend may only be de­term­ined once the al­loc­a­tions to the re­serves re­quired by law and by the art­icles of as­so­ci­ation have been de­duc­ted.

³ The di­vidends must be de­term­ined in pro­por­tion to the nom­in­al value of the cap­it­al con­tri­bu­tions; if ad­di­tion­al fin­an­cial con­tri­bu­tions have been made, this amount must be ad­ded to the nom­in­al value in or­der to de­term­ine the di­vidends; the art­icles of as­so­ci­ation may provide for a dif­fer­ent ar­range­ment.

¹ No in­terest may be paid on the nom­in­al cap­it­al and ad­di­tion­al fin­an­cial con­tri­bu­tions made.

² The pay­ment of in­terest to com­pany mem­bers pri­or to com­mence­ment of the com­pany’s op­er­a­tions is per­mit­ted. The cor­res­pond­ing pro­vi­sions of the law on com­pan­ies lim­ited by shares on in­terest paid to com­pany mem­bers pri­or to com­mence­ment of the com­pany’s op­er­a­tions ap­ply.

The art­icles of as­so­ci­ation may provide for the pay­ment of shares of profits to man­aging dir­ect­ors. The cor­res­pond­ing pro­vi­sions of the law on com­pan­ies lim­ited by shares on the pay­ment of shares of profits to man­aging dir­ect­ors ap­ply.

The cor­res­pond­ing pro­vi­sions of the law on com­pan­ies lim­ited by shares on pref­er­ence shares ap­ply to pref­er­en­tial cap­it­al con­tri­bu­tions.

The cor­res­pond­ing pro­vi­sions of the law on com­pan­ies lim­ited by shares ap­ply to the re­fund of pay­ments made by the com­pany to com­pany mem­bers, man­aging dir­ect­ors and per­sons closely re­lated thereto.

The rel­ev­ant pro­vi­sions of the law on com­pan­ies lim­ited by shares ap­ply to the re­serves.

¹ The an­nu­al re­port and the audit re­port must be sent to com­pany mem­bers at the latest to­geth­er with the in­vit­a­tion to the an­nu­al mem­bers’ gen­er­al meet­ing.

² The com­pany mem­bers may re­quest that they be sent the ver­sion of the an­nu­al re­port that they have ap­proved after mem­bers' gen­er­al meet­ing.

¹ Any com­pany mem­ber may re­quest the man­aging dir­ect­ors to provide in­form­a­tion on any com­pany mat­ter.

² Un­less the com­pany has an aud­it­or, com­pany mem­bers have un­res­tric­ted ac­cess to the com­pany books and files. If the com­pany has an aud­it­or, the books and files may be in­spec­ted only if a le­git­im­ate in­terest is cred­ibly demon­strated.

³ If there is a risk that a com­pany mem­ber may use the in­form­a­tion ob­tained for non-com­pany pur­poses that may be det­ri­ment­al to the com­pany, the man­aging dir­ect­ors may re­fuse to provide in­form­a­tion and al­low ac­cess to the ex­tent re­quired; if the com­pany mem­ber so re­quests, the mem­bers’ gen­er­al meet­ing de­cides on the mat­ter.

⁴ If the mem­bers’ gen­er­al meet­ing re­fuses to provide in­form­a­tion or al­low ac­cess without jus­ti­fic­a­tion, the court may is­sue the rel­ev­ant or­der at the re­quest of the com­pany mem­ber.

¹ Com­pany mem­bers are ob­liged to safe­guard busi­ness secrets.

² They must re­frain from do­ing any­thing det­ri­ment­al to the in­terests of the com­pany. In par­tic­u­lar, they may not carry on busi­ness that brings them a spe­cial ad­vant­age but which ad­versely af­fects the ob­jects of the com­pany. The art­icles of as­so­ci­ation may provide that com­pany mem­bers be pro­hib­ited from car­ry­ing on any activ­it­ies in com­pet­i­tion with the com­pany.

³ The com­pany mem­bers may carry on any activ­it­ies that are con­trary to the duty of loy­alty or a pro­hib­i­tion of com­pet­i­tion provided all the oth­er com­pany mem­bers con­sent in writ­ing. The art­icles of as­so­ci­ation may provide that the con­sent of the mem­bers' gen­er­al meet­ing be re­quired in­stead.

⁴ The spe­cial reg­u­la­tions on pro­hib­i­tion of com­pet­i­tion clauses ap­plic­able to man­aging dir­ect­ors are re­served.

¹ The su­preme gov­ern­ing body of the com­pany is the mem­bers’ gen­er­al meet­ing.

² The mem­bers’ gen­er­al meet­ing has the fol­low­ing in­ali­en­able powers:

1.

to amend the art­icles of as­so­ci­ation;

2.

to ap­point and the re­move the man­aging dir­ect­ors;

3.

to ap­point and re­move the mem­bers of the aud­it­or;

4.⁵⁶⁶

to ap­prove the man­age­ment re­port and the con­sol­id­ated ac­counts;

5.

to ap­prove the an­nu­al ac­counts and the res­ol­u­tion on the al­loc­a­tion of the bal­ance sheet profit, and in par­tic­u­lar to set the di­vidend and the shares of profits paid to man­aging dir­ect­ors;

6.

to de­term­ine the fees paid to man­aging dir­ect­ors;

7.

to dis­charge the man­aging dir­ect­ors;

8.

to con­sent to the as­sign­ment of cap­it­al con­tri­bu­tions or to re­cog­nise com­pany mem­bers as hav­ing the right to vote;

9.

to con­sent to the cre­ation of a charge over cap­it­al con­tri­bu­tions where the art­icles of as­so­ci­ation so provide;

10.

to pass res­ol­u­tions on the ex­er­cise un­der the art­icles of as­so­ci­ation of rights of first op­tion, pre-emption or pur­chase;

11.

to au­thor­ise the man­aging dir­ect­or to ac­quire the com­pany's own cap­it­al con­tri­bu­tions for the com­pany or to ap­prove such an ac­quis­i­tion;

12.

to is­sue de­tailed reg­u­la­tions on ob­lig­a­tions to make ad­di­tion­al ma­ter­i­al con­tri­bu­tions where the art­icles of as­so­ci­ation make ref­er­ence to such reg­u­la­tions;

13.

to con­sent to the activ­it­ies of the man­aging dir­ect­ors or com­pany mem­bers that are con­trary to the duty of loy­alty or the pro­hib­i­tion of com­pet­i­tion, where the art­icles of as­so­ci­ation waive the re­quire­ment of the con­sent of all com­pany mem­bers;

14.

to de­cide on wheth­er an ap­plic­a­tion should be made to the court to ex­clude a com­pany mem­ber for good cause;

15.

to ex­clude a com­pany mem­ber on grounds provided for in the art­icles of as­so­ci­ation;

16.

to dis­solve the com­pany;

17.

to ap­prove trans­ac­tions car­ried out by the man­aging dir­ect­ors that re­quire the con­sent of the mem­bers’ gen­er­al meet­ing un­der the art­icles of as­so­ci­ation;

18.

to de­cide on mat­ters that are re­served to the mem­bers’ gen­er­al meet­ing by law or by the art­icles of as­so­ci­ation or which are placed be­fore it by the man­aging dir­ect­ors.

³ The mem­bers’ gen­er­al meet­ing ap­points the man­agers, the au­thor­ised sig­nat­or­ies and au­thor­ised of­ficers. The art­icles of as­so­ci­ation may also grant these powers to the man­aging dir­ect­ors.

¹ The mem­bers’ gen­er­al meet­ing is con­vened by the man­aging dir­ect­ors, or if ne­ces­sary by the aud­it­ors. The li­quid­at­ors also have the right to con­vene a mem­bers' gen­er­al meet­ing.

² The an­nu­al meet­ing is held every year with­in six months of the end of the fin­an­cial year. Ex­traordin­ary meet­ings are con­vened in ac­cord­ance with the art­icles of as­so­ci­ation or as re­quired.

³ The mem­bers’ gen­er­al meet­ing must be con­vened 20 days at the latest be­fore the date of the meet­ing. The art­icles of as­so­ci­ation may ex­tend this peri­od or re­duce it to no less than ten days. The pos­sib­il­ity of a uni­ver­sal meet­ing is re­served.

⁴ Res­ol­u­tions may also be done in writ­ing un­less a com­pany mem­bers re­quests an or­al dis­cus­sion.

⁵ In ad­di­tion, the rel­ev­ant pro­vi­sions on the com­pany lim­ited by shares ap­ply to:

1.

con­ven­ing the meet­ing;

2.

the right of com­pany mem­bers to con­vene a meet­ing and table mo­tions;

3.

the busi­ness to be dis­cussed;

4.

mo­tions;

5.

uni­ver­sal meet­ings;

6.

pre­par­at­ory meas­ures;

7.

the minutes;

8.

the rep­res­ent­a­tion of com­pany mem­bers;

9.

the par­ti­cip­a­tion of un­au­thor­ised per­sons.

¹ The vot­ing rights of com­pany mem­bers are de­term­ined by the nom­in­al value of their cap­it­al con­tri­bu­tions. Each com­pany mem­ber has at least one vote. The art­icles of as­so­ci­ation may lim­it the num­ber of votes al­loc­ated to the own­er of sev­er­al cap­it­al con­tri­bu­tions.

² The art­icles of as­so­ci­ation may spe­cify that vot­ing rights are not de­pend­ent on nom­in­al value with the res­ult that each cap­it­al con­tri­bu­tion car­ries one vote. In this case, the cap­it­al con­tri­bu­tions with the low­est nom­in­al value must be worth at least one tenth of the nom­in­al value of the oth­er cap­it­al con­tri­bu­tions.

³ The de­term­in­a­tion of the vot­ing rights ac­cord­ing to the num­ber of cap­it­al con­tri­bu­tions does not ap­ply to:

1.

the ap­point­ment of the mem­bers of the aud­it­or;

2.

the ap­point­ment of ex­perts to in­spect man­age­ment prac­tices or in­di­vidu­al parts there­of;

3.

the res­ol­u­tion on rais­ing a li­ab­il­ity ac­tion.

¹ In the case of res­ol­u­tions on the dis­charge of the man­aging dir­ect­ors, per­sons who have par­ti­cip­ated in man­age­ment in any way are not per­mit­ted to vote.

² In the case of res­ol­u­tions on the ac­quis­i­tion of its own cap­it­al con­tri­bu­tion by the com­pany, com­pany mem­bers who are re­lin­quish­ing their cap­it­al con­tri­bu­tions are not per­mit­ted to vote.

³ In the case of res­ol­u­tions on con­sent­ing to activ­it­ies of a com­pany mem­ber that are con­trary to the duty of loy­alty or the pro­hib­i­tion of com­pet­i­tion, the per­son con­cerned is not per­mit­ted to vote.

In the case of a usu­fruct over a cap­it­al con­tri­bu­tion, the usu­fructu­ary has the right to vote and re­lated rights. He is li­able to the own­er in dam­ages if he fails to give due con­sid­er­a­tion to the in­terests of the own­er when ex­er­cising his rights.

¹ The art­icles of as­so­ci­ation may grant com­pany mem­bers a right of veto over cer­tain res­ol­u­tions of the mem­bers’ gen­er­al meet­ing. They must the de­tail the de­cisions to which the right of veto ap­plies.

² The ret­ro­spect­ive in­tro­duc­tion of a right of veto re­quires the con­sent of all com­pany mem­bers.

³ The right of veto may not be trans­ferred.

The mem­bers’ gen­er­al meet­ing passes res­ol­u­tions and con­ducts its elec­tions by an ab­so­lute ma­jor­ity of the votes rep­res­en­ted, un­less the law or art­icles of as­so­ci­ation provide oth­er­wise.

The chair of the mem­bers’ gen­er­al meet­ing has the cast­ing vote. The art­icles of as­so­ci­ation may provide oth­er­wise.

¹ A res­ol­u­tion of the mem­bers’ gen­er­al meet­ing passed by a ma­jor­ity of at least two thirds of the votes rep­res­en­ted and an ab­so­lute ma­jor­ity of the en­tire nom­in­al cap­it­al in re­spect of which a right to vote may be ex­er­cised is re­quired in the case of:

1.

the amend­ment of the ob­jects of the com­pany;

2.

the in­tro­duc­tion of cap­it­al con­tri­bu­tions with pref­er­en­tial vot­ing rights;

3.

an in­crease in or eas­ing of the re­stric­tions on or the pro­hib­i­tion of the trans­fer­ab­il­ity of cap­it­al con­tri­bu­tions;

4.

con­sent to the as­sign­ment of cap­it­al con­tri­bu­tions or re­cog­ni­tion as a com­pany mem­ber who is en­titled to vote;

5.

an in­crease in the nom­in­al cap­it­al;

6.

the re­stric­tion or re­voc­a­tion of sub­scrip­tion rights;

7.

con­sent to activ­it­ies of the man­aging dir­ect­or or com­pany mem­bers that are con­trary to the duty of loy­alty or the pro­hib­i­tion of com­pet­i­tion;

8.

an ap­plic­a­tion to the court to ex­clude a com­pany mem­ber for good cause;

9.

the ex­clu­sion of a com­pany mem­ber on the grounds spe­cified in the art­icles of as­so­ci­ation planned;

10.

the re­lo­ca­tion of the seat of the com­pany;

11.

the dis­sol­u­tion the com­pany.

² Pro­vi­sions of the art­icles of as­so­ci­ation stip­u­lat­ing lar­ger ma­jor­it­ies than those re­quired by law for cer­tain res­ol­u­tions may only be in­tro­duced if ap­proved by the planned ma­jor­ity.

The rel­ev­ant pro­vi­sions on com­pan­ies lim­ited by shares ap­ply to the con­test­ing of res­ol­u­tions of the mem­bers’ gen­er­al meet­ing.

¹ The com­pany mem­bers are jointly re­spons­ible for the man­age­ment of the com­pany. The art­icles of as­so­ci­ation may ad­opt al­tern­at­ive pro­vi­sions on man­age­ment.

² Only nat­ur­al per­sons may be ap­poin­ted as man­aging dir­ect­ors. Where a leg­al en­tity or a com­mer­cial en­ter­prise is a par­ti­cipant in the com­pany, if ap­plic­able it ap­points a nat­ur­al per­son to ex­er­cise this func­tion in its stead. The art­icles of as­so­ci­ation may re­quire the con­sent of the mem­bers' gen­er­al meet­ing for this.

³ Where a com­pany has two or more man­aging dir­ect­ors, the mem­bers' gen­er­al meet­ing must ap­point a chair­man.

⁴ Where a com­pany has two or more man­aging dir­ect­ors, they de­cide by a ma­jor­ity of the votes cast. The chair­man has the cast­ing vote. The art­icles of as­so­ci­ation may ad­opt al­tern­at­ive pro­vi­sions on de­cision mak­ing by the man­aging dir­ect­ors.

¹ The man­aging dir­ect­ors are re­spons­ible for all mat­ters not as­signed by law or the art­icles of as­so­ci­ation to the mem­bers’ gen­er­al meet­ing.

² Sub­ject to the re­ser­va­tion of the fol­low­ing pro­vi­sions, the man­aging dir­ect­ors have the fol­low­ing in­ali­en­able and ir­re­voc­able du­ties:

1.

the over­all man­age­ment of the com­pany and is­su­ing the re­quired dir­ect­ives;

2.

de­term­in­ing the or­gan­isa­tion in ac­cord­ance with the law and the art­icles of as­so­ci­ation;

3.

or­gan­ising the ac­count­ing, fin­an­cial con­trol and fin­an­cial plan­ning sys­tems as re­quired for the man­age­ment of the com­pany;

4.

su­per­vising of the per­sons who are del­eg­ated man­age­ment re­spons­ib­il­it­ies, in par­tic­u­lar with re­gard to com­pli­ance with the law, art­icles of as­so­ci­ation, reg­u­la­tions and dir­ect­ives;

5.

the pre­par­a­tion of the an­nu­al re­port (an­nu­al ac­counts, man­age­ment re­port and if ap­plic­able con­sol­id­ated ac­counts);

6.

the pre­par­a­tion for the mem­bers’ gen­er­al meet­ing as well as the im­ple­ment­a­tion of its res­ol­u­tions;

7.

the no­ti­fic­a­tion of the court in the event that the com­pany is over­indebted.

³ The chair­man of the ex­ec­ut­ive board or if ap­plic­able the sole man­aging dir­ect­or has the fol­low­ing du­ties:

1.

to con­vene and chair the mem­bers’ gen­er­al meet­ing;

2.

to is­sue com­mu­nic­a­tions to the com­pany mem­bers;

3.

to en­sure the re­quired no­ti­fic­a­tions are made to the com­mer­cial re­gister.

¹ The art­icles of as­so­ci­ation may provide that the man­aging dir­ect­ors:

1.

sub­mit cer­tain de­cisions to the mem­bers' gen­er­al meet­ing for ap­prov­al;

2.

may sub­mit in­di­vidu­al mat­ters to the mem­bers' gen­er­al meet­ing for ap­prov­al.

² Ap­prov­al by the mem­bers’ gen­er­al meet­ing does not re­strict the li­ab­il­ity of the man­aging dir­ect­ors.

¹ The man­aging dir­ect­ors and third parties who are in­volved in man­age­ment must carry out their du­ties with all due care and safe­guard the in­terests of the com­pany in good faith.

² They are sub­ject to the same duty of loy­alty as the com­pany mem­bers.

³ They may not carry on any activ­it­ies in com­pet­i­tion with the com­pany un­less the art­icles of as­so­ci­ation provide oth­er­wise or all oth­er com­pany mem­bers con­sent to the activ­ity in writ­ing. The art­icles of as­so­ci­ation may provide that the con­sent of the mem­bers’ gen­er­al meet­ing be re­quired.

The man­aging dir­ect­ors and third parties who are in­volved in man­age­ment must treat com­pany mem­bers equally un­der the same cir­cum­stances.

¹ Each man­aging dir­ect­or has the right to rep­res­ent the com­pany.

² The art­icles of as­so­ci­ation may ad­opt al­tern­at­ive pro­vi­sions on rep­res­ent­a­tion, but at least one man­aging dir­ect­or must be au­thor­ised to rep­res­ent the com­pany. The art­icles of as­so­ci­ation may refer to reg­u­la­tions that set out the de­tails.

³ The com­pany must be able to be rep­res­en­ted by a per­son who is res­id­ent in Switzer­land. This per­son must be a man­aging dir­ect­or or a man­ager. They must have ac­cess to the re­gister of cap­it­al con­tri­bu­tions and to the re­gister of be­ne­fi­cial own­ers un­der Art­icle 697l.⁵⁶⁷

⁴ The rel­ev­ant pro­vi­sions on com­pan­ies lim­ited by shares ap­ply to the ex­tent of and re­stric­tions on the right to act as a rep­res­ent­at­ive and to con­tracts between the com­pany and the per­son that is rep­res­ent­ing it.

⁵ The per­sons au­thor­ised to rep­res­ent the com­pany must sign on its be­half by ap­pend­ing their sig­na­ture to the busi­ness name.

⁶ They must be entered in the com­mer­cial re­gister. They must enter their own sig­na­tures in per­son at the of­fice of the com­mer­cial re­gis­trar or sub­mit these in a duly au­then­tic­ated form.

¹ The mem­bers’ gen­er­al meet­ing may re­move man­aging dir­ect­ors that it has ap­poin­ted at any time.

² Any com­pany mem­ber may re­quest the court to re­voke or re­strict the right of a man­aging dir­ect­or to man­age or rep­res­ent the com­pany where there is good cause, and in par­tic­u­lar if the per­son con­cerned has ser­i­ously breached his ob­lig­a­tions or is no longer able to man­age the com­pany com­pet­ently.

³ The man­aging dir­ect­ors may at any time sus­pend man­agers, au­thor­ised sig­nat­or­ies or au­thor­ised of­ficers in their ca­pa­city.

⁴ If these per­sons have been ap­poin­ted by the mem­bers’ gen­er­al meet­ing, a mem­bers’ gen­er­al meet­ing must be con­vened without delay.

⁵ Claims for com­pens­a­tion made by per­sons who have been re­moved or sus­pen­ded are re­served.

De­cisions made by the man­aging dir­ect­ors are sub­ject mu­tatis mutandis to the same grounds for nullity as res­ol­u­tions of the gen­er­al meet­ing of a com­pany lim­ited by shares.

The com­pany is li­able for losses or dam­age caused by un­au­thor­ised acts car­ried out in the ex­er­cise of his busi­ness activ­it­ies by a per­son au­thor­ised to man­age or rep­res­ent the com­pany.

¹ The rel­ev­ant pro­vi­sions on com­pan­ies lim­ited by shares ap­ply to the aud­it­or.

² A com­pany mem­ber sub­ject to an ob­lig­a­tion to make ad­di­tion­al fin­an­cial con­tri­bu­tions may re­quest an or­din­ary audit of the an­nu­al ac­counts.

The rel­ev­ant pro­vi­sions on com­pan­ies lim­ited by shares ap­ply to de­fects in the or­gan­isa­tion the com­pany.

¹ The rel­ev­ant pro­vi­sions on com­pan­ies lim­ited by shares ap­ply to the duty to no­ti­fy in the event of a loss of cap­it­al or the over­indebted­ness of the com­pany and to the com­mence­ment and stay of bank­ruptcy pro­ceed­ings.

² The court may stay bank­ruptcy pro­ceed­ings at the re­quest of the man­aging dir­ect­ors or of a cred­it­or, in par­tic­u­lar if out­stand­ing ad­di­tion­al cap­it­al con­tri­bu­tions will be paid without delay and there is a pro­spect of re­struc­tur­ing.