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

¹ The board of dir­ect­ors has the fol­low­ing non-trans­fer­able and in­ali­en­able du­ties:

1.

the over­all man­age­ment of the com­pany and the is­su­ing of all ne­ces­sary dir­ect­ives;

2.

de­term­in­a­tion of the com­pany’s or­gan­isa­tion;

3.

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

4.

the ap­point­ment and dis­missal of per­sons en­trus­ted with man­aging and rep­res­ent­ing the com­pany;

5.

over­all su­per­vi­sion of the per­sons en­trus­ted with man­aging the com­pany, in par­tic­u­lar with re­gard to com­pli­ance with the law, art­icles of as­so­ci­ation, op­er­a­tion­al reg­u­la­tions and dir­ect­ives;

6.

com­pil­a­tion of the an­nu­al re­port⁴⁹², pre­par­a­tion for the gen­er­al meet­ing and im­ple­ment­a­tion of its res­ol­u­tions;

7.

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

² The board of dir­ect­ors may as­sign re­spons­ib­il­ity for pre­par­ing and im­ple­ment­ing its res­ol­u­tions or mon­it­or­ing trans­ac­tions to com­mit­tees or in­di­vidu­al mem­bers. It must en­sure ap­pro­pri­ate re­port­ing to its mem­bers.