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

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.