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

¹ Each own­er of a bond or his rep­res­ent­at­ive, or in the case of bonds un­der a usu­fruct either the usu­fructu­ary or his rep­res­ent­at­ive, has the right to vote. However, the usu­fructu­ary is li­able in dam­ages to the own­er for any fail­ure to take due ac­count of the lat­ter’s in­terests when ex­er­cising the right to vote.

² Bonds owned by or held in usu­fruct by the bor­row­er con­fer no right to vote. However, where bonds be­long­ing to the bor­row­er have been giv­en in pledge, the pledgee is en­titled to ex­er­cise the as­so­ci­ated right to vote.

³ A charge or spe­cial li­en held by the bor­row­er on bonds does not pre­clude the right to vote of the own­ers of such bonds.