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

¹ A bailee has the power to hold fun­gible ne­go­ti­able se­cur­it­ies from two or more bail­ors to­geth­er in safe cus­tody un­less a bail­or ex­pressly re­quests that his se­cur­it­ies be held sep­ar­ately.

² If fun­gible ne­go­ti­able se­cur­it­ies are en­trus­ted to a bailee for col­lect­ive cus­tody, the bail­or ac­quires on de­pos­it joint frac­tion­al title to the ne­go­ti­able se­cur­it­ies of the same class be­long­ing to the col­lect­ive hold­ing. In or­der to de­term­ine the frac­tion­al share, the nom­in­al value or in the case of se­cur­it­ies without nom­in­al value, the num­ber of se­cur­it­ies, is de­cis­ive.

³ A bail­or has the right at any time, ir­re­spect­ive of the in­volve­ment or con­sent of the oth­er bail­ors to with­draw ne­go­ti­able se­cur­it­ies from the col­lect­ive hold­ing to the ex­tent of his share.