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

¹ The ob­lig­or may is­sue un­cer­ti­fic­ated se­cur­it­ies or re­place fun­gible ne­go­ti­able se­cur­it­ies or glob­al cer­ti­fic­ates that have been en­trus­ted to a single bailee with un­cer­ti­fic­ated se­cur­it­ies provided the con­di­tions for is­sue or the art­icles of as­so­ci­ation provide there­for or the bail­ors have con­sen­ted thereto.⁸²⁸

² The ob­lig­or shall keep a book on the un­cer­ti­fic­ated se­cur­it­ies that he has is­sued in which de­tails of the num­ber and de­nom­in­a­tion of the un­cer­ti­fic­ated se­cur­it­ies is­sued and of the cred­it­ors are re­cor­ded. The book is not open for pub­lic in­spec­tion.

³ The un­cer­ti­fic­ated se­cur­it­ies are cre­ated on entry in the book and con­tin­ue to ex­ist only in ac­cord­ance with such entry.

⁴ The trans­fer of un­cer­ti­fic­ated se­cur­it­ies re­quires a writ­ten de­clar­a­tion of as­sign­ment. Their pledging is gov­erned by the pro­vi­sions on the pledging of claims.