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

¹ A re­gistered se­cur­ity or in­stru­ment to or­der may be con­ver­ted in­to a bear­er se­cur­ity only with the con­sent of all the be­ne­fi­ciar­ies and ob­lig­ors con­cerned. Such con­sent must be de­clared on the in­stru­ment it­self.

² The same gen­er­al prin­ciple ap­plies to con­ver­sion of bear­er se­cur­it­ies in­to re­gistered se­cur­it­ies or in­stru­ments to or­der. In this case, where the con­sent of a be­ne­fi­ciary or ob­lig­or is lack­ing, con­ver­sion is ef­fect­ive but only as between the cred­it­or who un­der­took it and his im­me­di­ate leg­al suc­cessor.