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- Art. 5a FC
- Art. 6 FC
- Art. 10 FC
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- Art. 55 FC
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- Art. 75b FC
- Art. 77 FC
- Art. 96 para. 2 lit. a FC
- Art. 110 FC
- Art. 117a FC
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- Art. 123b FC
- Art. 136 FC
- Art. 166 FC
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- Art. 11 CO
- Art. 12 CO
- Art. 50 CO
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- Art. 84 CO
- Art. 143 CO
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- 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
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- Vorb. zu Art. 1 FADP
- Art. 1 FADP
- Art. 2 FADP
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- Art. 5 lit. f und g FADP
- Art. 6 Abs. 6 and 7 FADP
- Art. 7 FADP
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- Art. 31 para. 2 lit. e 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. Transfer of rights and obligations
- II. Recognition of the general meeting
- III. Assumption of ordinary shares at real value
- IV. Legal consequences of refusal of consent
- V. Waiver of recognition requirement
- Sample documents
- Materials
- Bibliography
I. Transfer of rights and obligations
A. Forms of transfer
1 Where shares are acquired by inheritance (Art. 537 et seq. CC), division of an estate (Art. 602 et seq. CC), matrimonial property rights (Art. 181 et seq. CC) or compulsory execution (under the Swiss Code of Obligations), the rights and obligations are immediately transferred to the acquiring person and the general rules on consent requirements (Art. 786 CO) and transfer of rights (Art. 787 CO) do not apply.
2 The list of types of acquisition was conceived by the legislator as being exhaustive, but Art. 788 CO applies by analogy to similar types of acquisition, provided the circumstances and interests correspond to the cases listed in para. 1. Thus, other forms of universal succession are recognised, such as the acquisition of ordinary shares by an acquiring company in the course of a merger or demerger. In this case, the ordinary shares are transferred on the date of entry in the commercial register (Art. 22, 52 and 73 Merger Act), irrespective of Art. 788 CO.
B. Effect
3 Notwithstanding any transfer restrictions, on acquisition of the ordinary shares in one of the above ways, all rights and obligations associated with the ordinary shares are transferred to the acquiring person without the consent of the general meeting of shareholders. The transfer of rights as such never requires the consent of the general meeting of shareholders. This ensures the legal succession of the withdrawn shareholder and prevents the rights and obligations associated with the ordinary shares from becoming ownerless.
4 However, the voting right and the associated rights are suspended until they are recognised by the shareholders' meeting (Art. 788 para. 2 CO). The effect of the statutory transfer restriction is limited to the recognition as a shareholder with voting rights. In other words, the decision of the shareholders' meeting acts as a suspensive condition for the exercise of voting rights. It is therefore not possible for the general meeting of shareholders to refuse to admit a new shareholder; however, it can at least prevent an undesirable acquiring person from participating in the formation of the company's will.
II. Recognition of the general meeting
A. Request for recognition
5 The acquiring person must apply to the company for recognition as a shareholder with voting rights. The law has not set a deadline for the application and therefore allows non-voting ordinary shares for acquiring persons under Art. 788 para. 1 CO.
B. Recognition resolution
6 As in the case of a legal transfer, the general meeting of shareholders is responsible for the recognition of voting rights under Art. 788 para. 2 CO. Thus, the same requirements for passing resolutions apply as with Art. 786 CO. A qualified majority of two thirds of the votes represented as well as an absolute majority of the total share capital is required for recognition as a shareholder with voting rights (Art. 808b para. 1 item 4 CO). The resolution cannot be transferred to the management (art. 804 para. 2 item 8 CO), as it is considered a non-transferable competence of the shareholders' meeting. With regard to Art. 808 para. 2 CO, it should be noted that the requirements for passing resolutions may be increased, but not reduced; in other words, the quorum may not be reduced to a simple majority.
7 The law does not specify the formal requirements for the recognition resolution. The resolution may be passed in writing, provided no oral discussion has been requested by the shareholders (Art. 805 para. 4 CO). As a rule, it is recorded in writing as part of the ordinary record keeping. If the names of the partners are listed in the articles of association, an amendment to the articles of association must also be made when the ordinary shares are transferred, which requires public certification. Instead of passing a resolution at the shareholders' meeting, consent may also be given by circular resolution - provided this form of resolution has not been excluded by the articles (Art. 805 para. 4 CO).
8 Irrespective of whether or not the new shareholder is recognised as having voting rights, he or she must be entered in the commercial register (Art. 82 para. 1 HRegV). Every transfer of an ordinary share as well as other changes of facts (e.g. change of name, domicile, place of residence, number and nominal value) must be entered in the share register (art. 791 para. 1 CO). Shareholders who have no voting rights as long as the company has not given its consent to the acquisition must also be entered. Such a case may arise, for example, if the shareholding was acquired on the basis of Art. 788 CO (inheritance, division of an estate, matrimonial property law or compulsory execution). It should also be noted that proof of inheritance must be submitted to the Commercial Register Office, either in the original or as a certified copy, whereby foreign documents must be translated accordingly and provided with the necessary certifications (apostille; over-certification). If a community of heirs has inherited shares and only some of the heirs are subsequently registered as partners, the assignment agreement must be drafted accordingly. The requirements for proving that minors have legal power of representation, if any, should not be too high.
C. Legal position of the acquiring person until the resolution is passed
9 Until the acquiring person is definitively recognised as a shareholder with voting rights, he or she is prohibited from exercising voting rights and the rights associated with them, such as the right to make a motion (Art. 805 para. 5 item 2 and Art. 699 para. 3 CO) or the right to information or inspection (Art. 802 CO). Thus, it can be said that a division of rights is provided for and that these are in a state of suspension until they are recognised by the shareholders' meeting - unless recognition by the shareholders' meeting has been waived in the articles (Art. 788 para. 5 CO).
D. Time limit
10 If recognition is not refused by the general meeting within 6 months of receipt of the application, recognition is deemed to have been granted (Art. 788 para. 4 CO). The time limit begins to run on the day after the request for approval of the assignment of the ordinary shares has been received by the company or has come into its power. The six-month period may be shortened by the articles of association, but not extended in order to protect the interests of the acquiring person.
11 If the company fails to reject the request for approval of the assignment or to take a decision in general in due time, the approval is irrefutably presumed. A belated rejection by the general meeting of shareholders remains without effect.
III. Assumption of ordinary shares at real value
12 The general meeting of shareholders is not actually free to decide on the recognition, because it can only refuse it if it offers the acquiring person the takeover of the ordinary shares at the real value (Art. 789 CO). Since the ordinary shares have already been validly transferred, the shareholders' meeting merely decides whether to buy out the legal successor and make him or her a takeover offer. This provision is identical to the escape clause for unlisted registered shares in public limited companies (Art. 685b para. 1 CO). The ordinary shares may be acquired either for the account of the company (acquisition of own ordinary shares, Art. 783 and 806a para. 2 CO), of the individual shareholder or of third parties.
13 The company shall notify the acquiring person that the general meeting of shareholders has refused recognition and wishes to acquire the ordinary shares at their real value. The acquiring person shall be free to reject the acquisition at actual value and remain a non-voting shareholder. In this case, the acquiring person has a one-month period to reject the takeover offer, otherwise the offer is deemed to be accepted. If the acquiring person disputes the value of the ordinary shares as calculated by the company, the one-month period for rejection shall run only from the time of agreement between the parties on the amount of the real value or from the time the court judgment becomes final.
IV. Legal consequences of refusal of consent
14 If the general meeting refuses to recognise the acquiring person as a shareholder with voting rights, he or she remains entitled to be entered in the share register as a shareholder without voting rights (Art. 791, para. 3 CO) and to exercise the property rights of the ordinary shares.
15 If the acquiring person does not receive notification within the six-month period that the general meeting of shareholders has refused recognition and that he or she wishes to acquire the ordinary shares at their real value, recognition is irrefutably presumed (Art. 788, para. 3 CO).
V. Waiver of recognition requirement
16 The shareholders have the option of waiving the legal requirement of recognition of the acquiring person as a shareholder with voting rights in the articles (Art. 788 para. 5 CO). The articles may also provide that only certain types of acquisitions are subject to the recognition requirement.
17 If the requirement for consent in the case of a transfer of assets has been waived in the articles (art. 786, para. 2, item 1 CO), the transfer restriction for special types of acquisitions under art. 788 CO is also deemed to have been waived.
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
Böckli Peter, Schweizer Aktienrecht, 4. Aufl., Zürich 2009.
Buchser Michael, in: Theus Simoni Fabiana / Hauser Isabel / Bärtschi Harald (Hrsg.), Handbuch Schweizer GmbH-Recht, Basel 2019.
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).
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 2014 (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.
Müller Lukas, in: Kren Kostkiewicz Jolanta / Wolf Stephan / Amstutz Marc / Frankhauser Roland (Hrsg.), Orell Füssli Kommentar, Schweizerisches Obligationenrecht, 3. Aufl., Zürich 2016 (zit. OFK).
Müller Lukas / Kaiser Philippe J.A. / Benz Diego, Die öffentliche Beurkundung bei elektronischen und virtuellen Generalversammlungen sowie Zirkularbeschlüssen, REPRAX 3/2022, S. 217-269, abrufbar unter https://www.alexandria.unisg.ch/260742/.
Scheidegger Markus, in: Nussbaum Martin F. / Sanwald Reto / Scheidegger Markus (Hrsg.), Kurzkommentar zum neuen GmbH-Recht, Bern 2007 (zit. Kurzkommentar GmbH).
Siffert Rino, in: Baker & McKenzie (Hrsg.), Stämpflis Handkommentar, Handelsregisterverordnung, Zürich 2013 (zit. SHK).
Siffert Rino / Fischer Marc Pascal / Petrin Martin, in: Baker & McKenzie (Hrsg.), Stämpflis Handkommentar, GmbH-Recht, Zürich 2008 (zit. SHK).
Trüeb Hans Rudolf, in: RobertoVito / Trüeb Hans Rudolf (Hrsg.), Handkommentar zum Schweizer Privatrecht, 3. Aufl., 2016 Zürich (zit. CHK).
Wibmer Jeannette K., in: Kren Kostkiewicz Jolanta / Wolf Stephan / Amstutz Marc / Frankhauser Roland (Hrsg.), Orell Füssli Kommentar, Schweizerisches Obligationenrecht, 3. Aufl., Zürich 2016 (zit. OFK).
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