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

¹ Where the con­sent re­quired for trans­fer of shares is not giv­en, the own­er­ship of the shares and all at­tend­ant rights re­main with the ali­en­at­or.

² In the case of ac­quis­i­tion of shares by in­her­it­ance, di­vi­sion of es­tate, mat­ri­mo­ni­al prop­erty law or com­puls­ory ex­e­cu­tion, own­er­ship and the at­tend­ant pe­cu­ni­ary rights pass to the ac­quirer im­me­di­ately, where­as the at­tend­ant par­ti­cip­a­tion rights pass to him only when the com­pany has giv­en its con­sent.

³ Where the com­pany fails to re­fuse the re­quest for con­sent with­in three months of re­ceipt or re­fuses it without just cause, con­sent is deemed to have been giv­en.