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

¹ The art­icles of as­so­ci­ation may au­thor­ise the board of dir­ect­ors to del­eg­ate the man­age­ment of all or part of the com­pany’s busi­ness to in­di­vidu­al mem­bers or third parties in ac­cord­ance with its or­gan­isa­tion­al reg­u­la­tions.

² These reg­u­la­tions reg­u­late the man­age­ment of the com­pany’s busi­ness, stip­u­late the bod­ies re­quired to carry this out, define their du­ties and, in par­tic­u­lar, reg­u­late the com­pany’s in­tern­al re­port­ing. On re­quest, the board of dir­ect­ors is­sues in­form­a­tion in writ­ing con­cern­ing the or­gan­isa­tion of the busi­ness man­age­ment to share­hold­ers and com­pany cred­it­ors with a demon­strable in­terest war­rant­ing pro­tec­tion.

³ Where man­age­ment of the com­pany’s busi­ness has not been del­eg­ated, it is the re­spons­ib­il­ity of all the mem­bers of the board of dir­ect­ors.