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

¹ Ex­cept in the case of li­censed in­sur­ance co­oper­at­ives, the art­icles of as­so­ci­ation may provide that, after the co­oper­at­ive’s as­sets, the mem­bers have un­lim­ited per­son­al li­ab­il­ity.

² Where this is the case and cred­it­ors suf­fer losses on the in­solv­ency of the co­oper­at­ive, the mem­bers are jointly and sev­er­ally li­able with their en­tire as­sets for all ob­lig­a­tions of the co­oper­at­ive. Claims in re­spect of this li­ab­il­ity are brought by the in­solv­ency ad­min­is­trat­ors un­til the in­solv­ency pro­ceed­ings are com­plete.