Articles of Association I and II

Foreword

The transitory provisions of the new corporation law foresee that the articles of association must be adapted to the new legislation by the end of June 1997. This second edition of the model articles of association takes the experiences of the first four years under the new law into account. The wording of the articles of association has been amended, and above all, the explanations and examples in the footnotes have been completed, also taking the new stock exchange law into consideration. Furthermore the provisions regarding authorized and conditional capital have been adapted to the most recent court decisions.

These model articles of association have also been approved by the Zurich Register of Commerce as well as by the Federal Office for the Commercial Register.