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

¹ The man­aging dir­ect­ors shall be re­spons­ible for all mat­ters not as­signed by law or the art­icles of as­so­ci­ation to the mem­bers’ gen­er­al meet­ing.

² Sub­ject to the re­ser­va­tion of the fol­low­ing pro­vi­sions, the man­aging dir­ect­ors shall have the fol­low­ing in­ali­en­able and ir­re­voc­able du­ties:

1.

the over­all man­age­ment of the com­pany and is­su­ing the re­quired dir­ect­ives;

2.

de­term­in­ing the or­gan­isa­tion in ac­cord­ance with the law and the art­icles of as­so­ci­ation;

3.

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

4.

su­per­vising of the per­sons who are del­eg­ated man­age­ment re­spons­ib­il­it­ies, in par­tic­u­lar with re­gard to com­pli­ance with the law, art­icles of as­so­ci­ation, reg­u­la­tions and dir­ect­ives;

5.⁶⁸⁹

pre­par­ing the an­nu­al re­port;

6.

pre­par­ing for the mem­bers’ gen­er­al meet­ing and im­ple­ment­ing its res­ol­u­tions;

7.⁶⁹⁰

fil­ing an ap­plic­a­tion for a debt re­struc­tur­ing morator­i­um and no­ti­fy­ing the court in the event that the com­pany is over­indebted.

³ The chair of the ex­ec­ut­ive board or if ap­plic­able the sole man­aging dir­ect­or has the fol­low­ing du­ties:

1.

to con­vene and chair the mem­bers’ gen­er­al meet­ing;

2.

to is­sue com­mu­nic­a­tions to the com­pany mem­bers;

3.

to en­sure the re­quired no­ti­fic­a­tions are made to the com­mer­cial re­gister.