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

Art. 697m522

III. Fail­ure to com­ply with ob­lig­a­tions to give no­tice

 

1 For as long as the share­hold­er fails to com­ply with their ob­lig­a­tions to give no­tice, the mem­ber­ship rights con­ferred by the shares in re­spect of which no­tice of ac­quis­i­tion must be giv­en shall be sus­pen­ded.

2 The share­hold­er may only ex­er­cise the prop­erty rights con­ferred by the shares if they have com­plied with their ob­lig­a­tions to give no­tice.

3 If the share­hold­er fails to com­ply with their ob­lig­a­tions to give no­tice with­in one month of ac­quir­ing the shares, the prop­erty rights lapse. If they give no­tice at a later date, they may ex­er­cise the prop­erty rights arising from that date.

4 The board of dir­ect­ors shall en­sure that no share­hold­ers ex­er­cise their rights while in breach of their ob­lig­a­tions to give no­tice.

522 In­ser­ted by No I 2 of the FA of 12 Dec. 2014 on the Im­ple­ment­a­tion of the 2012 re­vised re­com­mend­a­tions of the Fin­an­cial Ac­tion Task Force, in force since 1 Ju­ly 2015 (AS 20151389; BBl 2014605).