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

¹ Cred­it co­oper­at­ives may lay down art­icles of as­so­ci­ation that derog­ate from the pro­vi­sions gov­ern­ing dis­tri­bu­tion of net profit con­tained in the pre­vi­ous art­icles, but they too are ob­liged to form a re­serve fund and to use it in ac­cord­ance with the above pro­vi­sions.

² Each year at least one-tenth of the net profit must be al­loc­ated to the re­serve fund un­til it equals one-tenth of the co­oper­at­ive’s nom­in­al cap­it­al.

³ Where a por­tion of the net profit is paid out to hold­ers of shares in the co­oper­at­ive and that por­tion ex­ceeds the usu­al rate of in­terest for long-term loans without spe­cial se­cur­ity, one-tenth of the amount by which it ex­ceeds the usu­al in­terest rate must like­wise be al­loc­ated to the re­serve fund.