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- Art. 5a FC
- Art. 6 FC
- Art. 10 FC
- Art. 16 FC
- Art. 17 FC
- Art. 20 FC
- Art. 22 FC
- Art. 29a FC
- Art. 30 FC
- Art. 32 FC
- Art. 42 FC
- Art. 43 FC
- Art. 43a FC
- Art. 55 FC
- Art. 56 FC
- Art. 60 FC
- Art. 68 FC
- Art. 75b FC
- Art. 77 FC
- Art. 96 para. 2 lit. a FC
- Art. 110 FC
- Art. 117a FC
- Art. 118 FC
- Art. 123b FC
- Art. 136 FC
- Art. 166 FC
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- Art. 11 CO
- Art. 12 CO
- Art. 50 CO
- Art. 51 CO
- Art. 84 CO
- Art. 143 CO
- Art. 144 CO
- Art. 145 CO
- Art. 146 CO
- Art. 147 CO
- Art. 148 CO
- Art. 149 CO
- Art. 150 CO
- Art. 701 CO
- Art. 715 CO
- Art. 715a CO
- Art. 734f CO
- Art. 785 CO
- Art. 786 CO
- Art. 787 CO
- Art. 788 CO
- Transitional provisions to the revision of the Stock Corporation Act of June 19, 2020
- Art. 808c CO
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- Art. 2 PRA
- Art. 3 PRA
- Art. 4 PRA
- Art. 6 PRA
- Art. 10 PRA
- Art. 10a PRA
- Art. 11 PRA
- Art. 12 PRA
- Art. 13 PRA
- Art. 14 PRA
- Art. 15 PRA
- Art. 16 PRA
- Art. 17 PRA
- Art. 19 PRA
- Art. 20 PRA
- Art. 21 PRA
- Art. 22 PRA
- Art. 23 PRA
- Art. 24 PRA
- Art. 25 PRA
- Art. 26 PRA
- Art. 27 PRA
- Art. 29 PRA
- Art. 30 PRA
- Art. 31 PRA
- Art. 32 PRA
- Art. 32a PRA
- Art. 33 PRA
- Art. 34 PRA
- Art. 35 PRA
- Art. 36 PRA
- Art. 37 PRA
- Art. 38 PRA
- Art. 39 PRA
- Art. 40 PRA
- Art. 41 PRA
- Art. 42 PRA
- Art. 43 PRA
- Art. 44 PRA
- Art. 45 PRA
- Art. 46 PRA
- Art. 47 PRA
- Art. 48 PRA
- Art. 49 PRA
- Art. 50 PRA
- Art. 51 PRA
- Art. 52 PRA
- Art. 53 PRA
- Art. 54 PRA
- Art. 55 PRA
- Art. 56 PRA
- Art. 57 PRA
- Art. 58 PRA
- Art. 59a PRA
- Art. 59b PRA
- Art. 59c PRA
- Art. 62 PRA
- Art. 63 PRA
- Art. 67 PRA
- Art. 67a PRA
- Art. 67b PRA
- Art. 75 PRA
- Art. 75a PRA
- Art. 76 PRA
- Art. 76a PRA
- Art. 90 PRA
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- Vorb. zu Art. 1 FADP
- Art. 1 FADP
- Art. 2 FADP
- Art. 3 FADP
- Art. 5 lit. f und g FADP
- Art. 6 Abs. 6 and 7 FADP
- Art. 7 FADP
- Art. 10 FADP
- Art. 11 FADP
- Art. 12 FADP
- Art. 14 FADP
- Art. 15 FADP
- Art. 19 FADP
- Art. 20 FADP
- Art. 22 FADP
- Art. 23 FADP
- Art. 25 FADP
- Art. 26 FADP
- Art. 27 FADP
- Art. 31 para. 2 lit. e FADP
- Art. 33 FADP
- Art. 34 FADP
- Art. 35 FADP
- Art. 38 FADP
- Art. 39 FADP
- Art. 40 FADP
- Art. 41 FADP
- Art. 42 FADP
- Art. 43 FADP
- Art. 44 FADP
- Art. 44a FADP
- Art. 45 FADP
- Art. 46 FADP
- Art. 47 FADP
- Art. 47a FADP
- Art. 48 FADP
- Art. 49 FADP
- Art. 50 FADP
- Art. 51 FADP
- Art. 54 FADP
- Art. 57 FADP
- Art. 58 FADP
- Art. 60 FADP
- Art. 61 FADP
- Art. 62 FADP
- Art. 63 FADP
- Art. 64 FADP
- Art. 65 FADP
- Art. 66 FADP
- Art. 67 FADP
- Art. 69 FADP
- Art. 72 FADP
- Art. 72a FADP
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- Art. 2 CCC (Convention on Cybercrime)
- Art. 3 CCC (Convention on Cybercrime)
- Art. 4 CCC (Convention on Cybercrime)
- Art. 5 CCC (Convention on Cybercrime)
- Art. 6 CCC (Convention on Cybercrime)
- Art. 7 CCC (Convention on Cybercrime)
- Art. 8 CCC (Convention on Cybercrime)
- Art. 9 CCC (Convention on Cybercrime)
- Art. 11 CCC (Convention on Cybercrime)
- Art. 12 CCC (Convention on Cybercrime)
- Art. 25 CCC (Convention on Cybercrime)
- Art. 29 CCC (Convention on Cybercrime)
- Art. 32 CCC (Convention on Cybercrime)
- Art. 33 CCC (Convention on Cybercrime)
- Art. 34 CCC (Convention on Cybercrime)
FEDERAL CONSTITUTION
CODE OF OBLIGATIONS
FEDERAL LAW ON PRIVATE INTERNATIONAL LAW
LUGANO CONVENTION
CODE OF CRIMINAL PROCEDURE
CIVIL PROCEDURE CODE
FEDERAL ACT ON POLITICAL RIGHTS
CIVIL CODE
FEDERAL ACT ON CARTELS AND OTHER RESTRAINTS OF COMPETITION
FEDERAL ACT ON INTERNATIONAL MUTUAL ASSISTANCE IN CRIMINAL MATTERS
DEBT ENFORCEMENT AND BANKRUPTCY ACT
FEDERAL ACT ON DATA PROTECTION
SWISS CRIMINAL CODE
CYBERCRIME CONVENTION
- I. Assignment
- II. Reference to statutory rights and obligations in the transfer agreement
- Sample documents
- Materials
- Bibliography
I. Assignment
1 As a rule, the assignment of shares is established by purchase, exchange, gift or takeover of the business or the limited liability company - with the exception of acquisition by inheritance, division of an estate, matrimonial property law or compulsory execution, which is dealt with separately under Art. 788 CO. The assignment presupposes that the alienating person basically has the power of disposal.
2 In the case of assignment under Art. 785, para. 1 CO, a distinction is made between an obligation and a disposal transaction, even if both usually coincide in time and are drawn up in the same document. Assignment agreements pursuant to Art. 164 et seq. CO and the obligation to conclude an assignment agreement are deemed to be disposal transactions. In the case of transfers of ordinary shares, the obligation transaction is often concluded separately from the assignment contract (disposal transaction) in order to maintain discretion about the purchase price and, for example, to avoid the publicity effect. The reason for this is that the purchase agreement is to be submitted upon registration in the commercial register and this document can then be viewed by the public. Thus, if the purchase price is not agreed separately, the purchase price can be inspected without any proof of interest in the commercial register.
A. Form
3 Although an ordinary share in the form of a registered share is a security (Art. 965 et seq. CO), a written declaration of assignment is required in the case of an assignment (Art. 967 CO in conjunction with Art. 164 et seq. CO). A valid assignment agreement requires the obligation to assign (obligation transaction) as well as the assignment based on it (disposal transaction). In contrast to the assignment of claims (Art. 165 CO), both the obligation and the disposal transaction must be in writing (Art. 12 et seq. CO) and both contracting parties must sign the assignment agreement in their own hand, since the acquiring person assumes not only rights but also obligations.
4 Prior to the revision of the law governing limited liability companies, which came into force on 1 January 2008, the transfer of ordinary shares required public notarisation. The requirement of public certification became obsolete after the aforementioned revision of the law.
5 The consequence of a lack of form of the obligation and disposal transactions is the invalidity or nullity of the assignment. If the obligation transaction and the disposal transaction differ in time and only the obligation transaction shows a lack of form - e.g. due to oral conclusion - the defect can be cured by a written disposal transaction. This cure is valid at least if comprehensive, essential elements of the obligation transaction were recorded in writing in the disposal transaction.
B. Content
6 In addition to the clear intention to transfer, the assignment agreement must also contain details of the purchase price, the shares and the contracting parties. In practice, however, the purchase price is often not quantified, but reference is made to the fact that this is recorded in a separate deed or is the subject of another agreement - this in particular in order to protect the parties from the publicity effect. In order to ensure the protection of the market, it is also crucial that the acquiring person is made aware of any non-competition obligations for partners, additional contributions and ancillary obligations (Art. 785 para. 2 in conjunction with 777a para. 2 CO), which may have drastic consequences for the partners.
C. Effect
7 In order to obtain shareholder rights, the acquiring or selling person must notify the company of the assignment of the ordinary shares. The assignment becomes legally effective after approval by the general meeting of shareholders (art. 786, para. 1 CO) - unless the articles of association have waived the requirement of approval at the time of assignment (art. 786, para. 2, item 1 CO) - or if there is no rejection six months after receipt of the request (art. 787 CO). In the meantime the effect of the assignment remains in abeyance.
8 The management must then enter the new shareholder's name, domicile and place of residence as well as the number and nominal value of his or her ordinary shares in the GmbH's share register (Art. 790 Para. 1 and 2 CO) and notify the commercial register of the transfer of the ordinary shares for non-constitutive entry (Art. 791 CO, Art. 82 HRegV). The Registrar of Companies examines the assignment agreement in the context of the registration of the acquiring person as a partner (Art. 82 HRegV). If the requirements are not met, registration is refused - unless the transfer of shares in the company was acquired by inheritance, division of an estate, matrimonial property rights or compulsory execution (Art. 788 CO).
II. Reference to statutory rights and obligations in the transfer agreement
9 If possible, the person acquiring ordinary shares should be informed of statutory obligations to which he or she is subject as a partner. Art. 785 para. 2 CO - as well as Art. 784 para. 2 CO - require that the references to statutory rights and obligations of the partners listed in Art. 777a para. 2 CO are included in the assignment agreement (additional and ancillary obligations, possible non-competition clauses for the partners, pre-emption rights or contractual penalties).
10 If these legal minimum requirements are not met, the assignment agreement is invalid according to part of the doctrine and nullity follows (Art. 20 CO), as this norm is of a mandatory nature. According to Keller/Jegher/Vasella and Küng/Camp, only a regulatory provision is violated and only a lack of will is presumed.
11 A special reference to the statutory rights and obligations is not necessary if the acquiring person is already a shareholder of the GmbH - as he or she should already be informed of the statutory content - or if the ordinary shares were transferred by special types of acquisition (Art. 788 CO).
Sample documents
Cf. the original German version of the commentary.
Materials
Botschaft zur Revision des Obligationenrechts (GmbH-Recht sowie Anpassungen im Aktien-, Genossenschafts-, Handelsregister- und Firmenrecht) vom 19. Dezember 2001, BBl 2002 S. 3148 ff., abrufbar unter https://www.fedlex.admin.ch/eli/fga/2002/443/de besucht am 24. Juni 2022 (zit. Botschaft GmbH 2002).
Bibliography
Chappuis Fernand / Jaccard Michel, in: Tercier Pierre / Amstutz Marc / Trigo Trindade Rita (Hrsg.), Commentaire Romand, Code des Obligations II, 2. Aufl., 2017 Basel (zit. CR).
Druey Jean Nicolas / Druey Just Eva / Glanzmann Lukas, Gesellschafts- und Handelsrecht, 12. Aufl., Zürich 2021.
du Pasquier Shelby / Wolf Matthias / Oertle Matthias, in: Honsell Heinrich / Vogt Nedim Peter / Watter Rolf (Hrsg.), Basler Kommentar, Obligationenrecht II, 5. Aufl., 2016 Basel (zit. BSK).
Girsberger Daniel / Hermann Johannes Lukas, in: Widmer Lüchinger Corinne / Oser David (Hrsg.), Basler Kommentar, Obligationenrecht I, 7. Aufl., 2020 Basel (zit. BSK).
Handschin Lukas / Truniger Christof, Die GmbH, Zürich 2019.
Keller Alwin / Jegher Gion / Vasella David, in: Honsell Heinrich (Hrsg.), Kurzkommentar Obligationenrecht, Art. 1–1186 OR, Basel 214 (zit. KuKo).
Küng Manfred / Camp Raphael, Orell Füssli Kommentar, GmbH-Recht – Das revidierte Recht zur Gesellschaft mit beschränkter Haftung, Zürich 2006 (zit. OFK).
Meisterhans Clemens / Gwelessiani Michael, Praxiskommentar zur Handelsregisterverordnung, 4. Aufl., Zürich 2021.
Minnig Yannick, Grundfragen mehrfacher Verpflichtungsgeschäfte, Doppelverkauf – Doppelvermietung – Doppelarbeitsverhältnis, Diss. Bern 2017.
Olejarova Veronika, Urteil des Veraltungsgerichts des Kantons Zürich vom 26. Februar 2019 betreffend Verletzung des Eintragungspflicht (Art. 152 HRegV), REPRAX 3/2019, S. 99-104.
Scheidegger Markus, in: Nussbaum Martin F. / Sanwald Reto / Scheidegger Markus (Hrsg.), Kurzkommentar zum neuen GmbH-Recht, Bern 2007 (zit. Kurzkommentar GmbH).
Schenker Franz, in: Honsel Heinrich / Vogt Nedim Peter / Watter Rolf (Hrsg.), Basler Kommentar, Obligationenrecht II, 5. Aufl., 2016 Basel (zit. BSK).
Siffert Rino, in: Baker & McKenzie (Hrsg.), Stämpflis Handkommentar, Handelsregisterverordnung, Zürich 2013 (zit. SHK).
Siffert Rino, Stolpersteine bei der Übertragung von Stammanteilen bei einer Gesellschaft mit beschränkter Haftung, REPRAX 2/2008, S. 76-88 (zit. REPRAX).
Siffert Rino / Fischer Marc Pascal / Petrin Martin, in: Baker & McKenzie (Hrsg.), Stämpflis Handkommentar, GmbH-Recht, Zürich 2008 (zit. SHK).
Trigo Trindade Rita, in: Handschin Lukas / Jung Peter (Hrsg.), Zürcher Kommentar – Die Aktiengesellschaft, Rechte und Pflichten der Aktionäre, Art. 660–697m OR, 2. Aufl., Zürich 2021 (zit. ZK).
Trüeb Hans Rudolf, in: Roberto Vito / Trüeb Hans Rudolf (Hrsg.), Handkommentar zum Schweizer Privatrecht, 3. Aufl., 2016 Zürich (zit. CHK).
Vogel Alexander, Orell Füssli Kommentar, Handelsregisterverordnung, Zürich 2020 (zit. OFK).