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

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.