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

¹ The li­quid­a­tion shall be car­ried out by the board of dir­ect­ors, un­less the art­icles of as­so­ci­ation or a res­ol­u­tion by the gen­er­al meet­ing del­eg­ate it to oth­er per­sons.

² The board of dir­ect­ors shall no­ti­fy the li­quid­at­ors for entry in the com­mer­cial re­gister, even where the li­quid­a­tion is car­ried out by the board of dir­ect­ors.

³ At least one of the li­quid­at­ors must be res­id­ent in Switzer­land and au­thor­ised to rep­res­ent the com­pany.⁶³²

⁴ Where the com­pany is dis­solved by court judg­ment, the court shall ap­point the li­quid­at­ors.⁶³³

⁵ In the event of in­solv­ency, the in­solv­ency ad­min­is­trat­ors shall carry out the li­quid­a­tion in ac­cord­ance with the pro­vi­sions of in­solv­ency law. The cor­por­ate bod­ies of the com­pany shall re­tain their au­thor­ity to rep­res­ent the com­pany only to the ex­tent such rep­res­ent­a­tion is still ne­ces­sary.