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 lim­ited per­son­al li­ab­il­ity for the co­oper­at­ive’s ob­lig­a­tions above and bey­ond their mem­ber­ship con­tri­bu­tions and the value of their co­oper­at­ive shares, al­though only up to a spe­cified amount.

² Where shares are held in the co­oper­at­ive, the amount for which the in­di­vidu­al mem­bers are li­able is de­term­ined by the value of their share.

³ Claims in re­spect of this li­ab­il­ity are brought by the in­solv­ency ad­min­is­trat­ors un­til the in­solv­ency pro­ceed­ings are com­plete.