Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ A share­hold­er who fails to pay in the is­sue amount for his share in good time is ob­liged to pay de­fault in­terest.

² Fur­ther, the board of dir­ect­ors has the power to de­clare that the de­fault­ing share­hold­er has for­feited his rights in re­spect of the share sub­scrip­tion and any part pay­ments already made and that his shares are for­feited and to is­sue new ones in their place. Where the for­feited shares have already been is­sued and can­not be phys­ic­ally ob­tained, such de­clar­a­tion of for­feit­ure is pub­lished in the Swiss Of­fi­cial Gaz­ette of Com­merce and in the form en­vis­aged by the art­icles of as­so­ci­ation.

³ The art­icles of as­so­ci­ation may also provide that a share­hold­er in de­fault also be re­quired to pay a con­trac­tu­al pen­alty.