Swiss company limited by shares: company law, merger law, stock exchange law, tax law
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Bruxelles [u.a.]
Bruylant
2007
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes English translations of the Provisions of the Swiss Code of Obligations governing the Company Limited by Shares (CO 620-763) and Amendments to the Law on the Company Limited by Shares as part of the Revised Law on the Limited Libbility Company (D-CO; entering into force on 1 January 2008) |
| Beschreibung: | XXXVI, 519 S. |
| ISBN: | 9782802724407 9783725553860 |
Internformat
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| 100 | 1 | |a Bauen, Marc |e Verfasser |0 (DE-588)121190277 |4 aut | |
| 245 | 1 | 0 | |a Swiss company limited by shares |b company law, merger law, stock exchange law, tax law |c Marc Bauen, Robert Bernet |
| 264 | 1 | |a Bruxelles [u.a.] |b Bruylant |c 2007 | |
| 300 | |a XXXVI, 519 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes English translations of the Provisions of the Swiss Code of Obligations governing the Company Limited by Shares (CO 620-763) and Amendments to the Law on the Company Limited by Shares as part of the Revised Law on the Limited Libbility Company (D-CO; entering into force on 1 January 2008) | ||
| 650 | 4 | |a Corporation law / Switzerland | |
| 650 | 4 | |a Consolidation and merger of corporations / Switzerland | |
| 650 | 4 | |a Stock exchanges / Law and legislation / Switzerland | |
| 650 | 4 | |a Taxation / Law and legislation / Switzerland | |
| 650 | 7 | |a Aktiengesellschaft - Schweiz |2 swd | |
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Steuer | |
| 650 | 4 | |a Consolidation and merger of corporations |z Switzerland | |
| 650 | 4 | |a Corporation law |z Switzerland | |
| 650 | 4 | |a Stock exchanges |x Law and legislation |z Switzerland | |
| 650 | 4 | |a Taxation |x Law and legislation |z Switzerland | |
| 651 | 7 | |a Schweiz - Aktiengesellschaft |2 swd | |
| 651 | 4 | |a Schweiz | |
| 700 | 1 | |a Bernet, Robert |e Verfasser |0 (DE-588)12012095X |4 aut | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016686222&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
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Datensatz im Suchindex
| _version_ | 1804137940731822080 |
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| adam_text | XIII TABLE OF CONTENTS FOREWORD VII GENERAL BIBLIOGRAPHY IX LIST OF
ABBREVIATIONS XXIX 1. DEFINITION AND MEANING 1 1.1 DEFINITION 1 1.2
ECONOMIC SIGNIFICANCE 3 1.3 TYPES OF COMPANY LIMITED BY SHARES 4 1.4
ALTERNATIVES TO THE COMPANY LIMITED BY SHARES 8 2. INCORPORATION 11 2.1
OVERVIEW 11 2.2 INCORPORATION REQUIREMENTS (SETTING UP STAGE) 11 2.2.1
INCORPORATING MEMBERS 11 2.2.2 ARTICLES OF ASSOCIATION 12 2.2.2.1
MANDATORY CONTENT OF THE ARTICLES OF ASSOCIATION 13 2.2.2.2
CONDITIONALLY NECESSARY CONTENT OF THE ARTICLES OF ASSOCIATION 15
2.2.2.3 OPTIONAL CONTENT OF THE ARTICLES OF ASSOCIATION 18 2.2.2.4
AMENDMENTS TO THE ARTICLES OF ASSOCIATION 19 2.2.3 SUBSCRIPTION TO AND
PAYMENT IN FULL FOR SHARES 20 2.2.4 ELECTION OF THE CORPORATE BODIES 21
2.2.5 CERTIFICATE OF INCORPORATION 21 2.3 QUALIFIED INCORPORATION 22
2.3.1 SPECIAL REGULATIONS FOR QUALIFIED INCORPORATION 22 2.3.2
INCORPORATION INVOLVING A CONTRIBUTION IN KIND 23 2.3.3 INCORPORATION
INVOLVING AN ACQUISITION IN KIND 24 2.3.4 TAKEOVER OF A BUSINESS AS A
CONTRIBUTION IN KIND OR ACQUISITION IN KIND 26 2.3.5 SPECIAL PRIVILEGES
IN FAVOUR OF THE INCORPORATORS OR OTHER PERSONS 26 2.3.6 PAYMENT IN FULL
BY OFFSET 27 2.4 ACQUISITION OF LEGAL PERSONALITY (COMING INTO EXISTENCE
STAGE) 28 2.4.1 FUNCTION AND EFFECT OF REGISTRATION IN THE COMMERCIAL
REGISTER 28 2.4.2 APPLICATION FOR REGISTRATION IN THE COMMERCIAL
REGISTER 29 2.4.3 INSPECTION BY THE COMMERCIAL REGISTRAR 31 2.4.3.1
INSPECTION PROCEDURE 31 XIV TABLE OF CONTENTS 2.4.3.2 OBJECTION
PROCEDURE 32 2.4.3.3 POWER OF INSPECTION 32 2.4.4 REGISTRATION IN THE
COMMERCIAL REGISTER AND PUBLICATION IN THE SWISS OFFICIAL COMMERCIAL
GAZETTE 34 2.5 DEFECTIVE INCORPORATION AND ORGANISATIONAL DEFECTS 35
2.5.1 ACTION FOR DISSOLUTION IN THE EVENT OF DEFECTIVE INCORPORATION 35
2.5.2 MEASURES IN THE EVENT OF ORGANISATIONAL DEFECTS 36 2.6 LEGAL ACTS
PRIOR TO REGISTRATION IN THE COMMERCIAL REGISTER 37 2.6.1 SHARES ISSUED
PRIOR TO REGISTRATION 37 2.6.2 PRE-REGISTRATION OBLIGATIONS FOR THE
COMPANY 37 3. SHARE CAPITAL AND SHARES 41 3.1 SHARE CAPITAL 41 3.1.1
DEFINITION 41 3.1.2 FUNCTION 43 3.1.3 PROTECTION OF SHARE CAPITAL 43
3.1.3.1 SAFEGUARDS FOR RAISING CAPITAL 43 3.1.3.2 SAFEGUARDS FOR THE
MAINTENANCE OF CAPITAL 46 3.1.4 MEASURES FOR LOSS OF CAPITAL AND
OVERINDEBTEDNESS 50 3.1.4.1 MEASURES FOR LOSS OF CAPITAL 50 3.1.4.2
MEASURES FOR OVERINDEBTEDNESS 52 3.2 SHARES 53 3.2.1 DEFINITIONS 53
3.2.2 TYPES OF SHARES 55 3.2.2.1 BEARER SHARES 56 3.2.2.2 REGISTERED
SHARES (AND THE SHARE REGISTER) 56 3.2.2.3 VOTING SHARES 58 3.2.2.4
PREFERENCE SHARES 59 3.2.3 PARTICIPATION CERTIFICATE AND PROFIT-SHARING
CERTIFICATE 59 3.2.3.1 PARTICIPATION CERTIFICATE (PC) 59 3.2.3.2
PROFIT-SHARING CERTIFICATE 61 3.2.4 DEBENTURES, CONVERTIBLE BONDS AND
OPTION BONDS 61 3.2.5 RESTRICTIONS ON THE TRANSFERABILITY OF REGISTERED
SHARES 62 3.2.5.1 GENERAL REMARKS 62 3.2.5.2 STATUTORY RESTRICTIONS ON
THE TRANSFERABILITY 63 3.2.5.3 RESTRICTIONS ON THE TRANSFERABILITY OF
LISTED REGISTERED SHARES IN THE ARTICLES OF ASSOCIATION 63 3.2.5.4
RESTRICTIONS ON THE TRANSFERABILITY OF UNLISTED REGISTERED SHARES IN THE
ARTICLES OF ASSOCIATION 66 4. ALTERATION OF SHARE CAPITAL 69 4.1
INCREASE IN CAPITAL 69 TABLE OF CONTENTS XV 4.2 5. LEGAL 5.1 5.2 5.3 5.4
4.1.1 4.1.2 4.1.3 4.1.4 GENERAL REMARKS ORDINARY AND AUTHORISED INCREASE
IN CAPITAL 4.1.2.1 ORDINARY INCREASE IN CAPITAL 4.1.2.2 AUTHORISED
INCREASE IN CAPITAL 4.1.2.3 GENERAL PROVISIONS CONDITIONAL INCREASE IN
CAPITAL 4.1.3.1 GENERAL REMARKS 4.1.3.2 REQUIREMENTS AND METHODS FIRM
UNDERWRITING PROCEDURES REDUCTION IN SHARE CAPITAL 4.2.1 4.2.2 4.2.3
GENERAL REMARKS TYPES OF REDUCTION IN CAPITAL PROCEDURE FOR REDUCING
CAPITAL STATUS OF SHAREHOLDERS ACQUISITION, TRANSFER AND LOSS OF
MEMBERSHIP PRINCIPLES OF MEMBERSHIP UNDER COMPANY LAW 5.2.1 5.2.2 5.2.3
5.2.4 CAPITAL-RELATEDNESS INDIVIDUAL AND MINORITY PROTECTION 5.2.2.1
INALIENABLE RIGHTS 5.2.2.2 QUALIFIED QUORUMS FOR RESOLUTIONS 5.2.2.3
MINORITY RIGHTS ANONYMITY REQUIREMENT OF EQUAL TREATMENT OBLIGATIONS OF
THE SHAREHOLDER 5.3.1 5.3.2 5.3.3 RIGHTS 5.4.1 5.4.2 PAYMENT IN FULL
(DUTY TO CONTRIBUTE) ABSENCE OF FURTHER OBLIGATIONS UNDER COMPANY LAW
OBLIGATIONS UNDER STOCK EXCHANGE LAW OF THE SHAREHOLDER FINANCIAL RIGHTS
5.4.1.1 RIGHT TO RECEIVE DIVIDENDS 5.4.1.2 RIGHT TO A SHARE IN THE
PROCEEDS OF LIQUIDATION 5.4.1.3 RIGHT TO CONSTRUCTION PERIOD INTEREST
5.4.1.4 RIGHT TO ENJOY COMPANY FACILITIES RIGHTS OF PARTICIPATION
5.4.2.1 VOTING RIGHTS 69 70 70 72 73 75 75 76 78 79 79 79 81 85 85 87 87
88 88 89 89 89 90 92 92 93 93 94 94 94 96 96 97 97 97 5.4.2.2 RIGHT TO
PARTICIPATE, BRING MOTIONS AND EXPRESS AN OPINION AT THE GENERAL MEETING
5.4.2.3 RIGHT TO CONVENE MEETINGS AND TO INCLUDE ITEMS ON THE AGENDA
5.4.2.4 RIGHT TO BE ELECTED 5.4.2.5 RIGHT TO BE REPRESENTED ON THE BOARD
OF DIRECTORS 99 100 100 101 XVI TABLE OF CONTENTS 5.4.3 RIGHTS TO
INFORMATION AND INSPECTION RIGHTS 101 5.4.3.1 RIGHT TO SEE THE ANNUAL
BUSINESS REPORT AND AUDIT REPORT 102 5.4.3.2 RIGHT TO INFORMATION AND
INSPECTION 102 5.4.3.3 RIGHT TO REQUEST A SPECIAL AUDIT 104 5.4.3.4
RIGHT TO AN INDEPENDENT AND PROFESSIONAL AUDIT 106 5.4.4 RIGHTS TO TAKE
LEGAL ACTION 107 5.4.4.1 ACTION CHALLENGING RESOLUTIONS OF THE GENERAL
MEETING 107 5.4.4.2 ACTION FOR NULLIFICATION OF RESOLUTIONS OF THE
GENERAL MEETING AND OF THE BOARD OF DIRECTORS 107 5.4.4.3 ACTION OF
ACCOUNTABILITY 107 5.4.4.4 ACTION FOR REFUND 108 5.4.4.5 ACTION FOR
DISSOLUTION 108 5.5 5.6 PROTECTING THE LEVEL OF SHAREHOLDING 5.5.1
PRE-EMPTION RIGHTS 5.5.2 PRIORITY RIGHT OF SUBSCRIPTION SHAREHOLDERS
AGREEMENTS 5.6.1 NATURE AND DESCRIPTION 5.6.2 TYPICAL CONTENT 5.6.3
DURATION AND TERMINATION 5.6.4 ENFORCEMENT 6. ACCOUNTING 6.1 6.2 6.3 6.4
6.5 6.6 GENERAL REMARKS ACCOUNTS 6.2.1 ANNUAL REPORT 6.2.2 ANNUAL
ACCOUNTS (PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND ANNEX) 6.2.2.1
PROFIT AND LOSS ACCOUNT 6.2.2.2 BALANCE SHEET 6.2.2.3 ANNEX 6.2.2.4
GROUP ACCOUNTS PRINCIPLES OF PROPER ACCOUNTING VALUATION PRINCIPLES
DEPRECIATION, VALUATION ADJUSTMENTS AND PROVISIONS RESERVES 6.6.1
DEFINITION AND FUNCTION 6.6.2 STATUTORY RESERVES 6.6.2.1 GENERAL RESERVE
6.6.2.2 REVALUATION RESERVE AND RESERVE FOR OWN SHARES 108 109 110 110
110 111 113 113 115 115 117 117 118 118 119 119 121 121 124 126 127 127
127 127 128 TABLE OF CONTENTS XVII 6.6.3 VOLUNTARY RESERVES 129 6.6.3.1
RESERVES IN TERMS OF THE ARTICLES OF 6.6.4 ASSOCIATION 6.6.3.2
RESOLUTION RESERVES HIDDEN RESERVES 6.6.4.1 REQUIREMENTS 6.6.4.2 FORMS
6.6.4.3 THE DIFFICULTY WITH HIDDEN RESERVES 7. CORPORATE BODIES 7.1
GENERAL 7.1.1 7.1.2 7.2 GENERAL 7.2.1 7.2.2 7.2.3 7.2.4 7.2.5 7.2.6
7.2.7 7.2.8 REMARKS CONCEPT OF THE CORPORATE BODY LEGALLY REQUIRED AND
OPTIONAL CORPORATE BODIES MEETING FUNCTION INALIENABLE POWERS TYPES OF
THE GENERAL MEETING 7.2.3.1 ORDINARY GENERAL MEETING 7.2.3.2
EXTRAORDINARY GENERAL MEETING 7.2.3.3 UNIVERSAL MEETING CONVENING
MEETINGS PREPARATION, CONDUCT AND MINUTES 7.2.5.1 PREPARATION AND
CONDUCT 7.2.5.2 MINUTES REPRESENTATION OF THE SHAREHOLDERS 7.2.6.1
INDIVIDUAL PROXY 7.2.6.2 CORPORATE BODY PROXIES 7.2.6.3 INDEPENDENT
PROXY 7.2.6.4 DEPOSITARY PROXY 7.2.6.5 DISCLOSURE OF INSTITUTIONAL
PROXIES DISCUSSIONS AND RESOLUTIONS 7.2.7.1 DISCUSSIONS 7.2.7.2
RESOLUTIONS AND QUORUM REQUIREMENTS DEFECTIVE RESOLUTIONS 7.2.8.1 ACTION
CHALLENGING A RESOLUTION 7.2.8.2 ACTION FOR DECLARATION OF NULLITY 7.3
BOARD OF DIRECTORS 7.3.1 7.3.2 7.3.3 FUNCTION ELECTION, REMOVAL AND
RESIGNATION 7.3.2.1 ELECTION AND ELIGIBILITY REQUIREMENTS 7.3.2.2
REMOVAL AND RESIGNATION DUTIES 129 129 130 130 130 131 133 135 135 136
137 137 137 140 140 140 141 141 142 142 144 144 145 145 146 146 146 147
147 147 149 150 151 153 153 153 153 155 156 XVIII 7.4 7.3.4 7.3.5 7.3.6
7.3.3.1 7.3.3.2 7.3.3.3 7.3.3.4 TABLE OF CONTENTS MANAGEMENT
REPRESENTATION DELEGATION OF MANAGEMENT AND REPRESENTATION INALIENABLE
AND IRREVOCABLE DUTIES ORGANISATION AND RESOLUTIONS 7.3.4.1 7.3.4.2
7.3.4.3 7.3.4.4 7.3.4.5 DUTIES 7.3.5.1 7.3.5.2 7.3.5.3 ORGANISATION
MEETINGS RIGHT TO INFORMATION AND OF INSPECTION ADOPTION OF RESOLUTIONS
MINUTES DUTY OF CARE GOOD FAITH EQUAL TREATMENT COMPENSATION AUDITORS
7.4.1 7.4.2 7.4.3 7.4.4 FUNCTION ELECTION, REMOVAL AND RESIGNATION
7.4.2.1 7.4.2.2 DUTIES 7.4.3.1 7.4.3.2 7.4.3.3 ELECTION AND ELIGIBILITY
REQUIREMENTS REMOVAL AND RESIGNATION AND OBLIGATIONS ANNUAL AUDIT
SPECIAL AUDITS FURTHER OBLIGATIONS NEW AUDIT REGULATIONS AND THE
AUDITORS SUPERVISION ACT 7.4.4.1 7.4.4.2 7.4.4.3 7.4.4.4 7.4.4.5 7.4.4.6
8. ACCOUNTABILITY 8.1 8.2 8.3 OVERVIEW GENERAL REMARKS ORDINARY AUDIT
AND LIMITED AUDIT ORDINARY AUDIT LIMITED AUDIT COMMON PROVISIONS
AUDITORS SUPERVISION PROSPECTUS LIABILITY 8.2.1 8.2.2 LIABLE PERSONS
AND PERSONS ENTITLED TO CLAIM CONDITIONS FOR LIABILITY LIABILITY
RESULTING FROM INCORPORATION 8.3.1 8.3.2 LIABLE PERSONS AND PERSONS
ENTITLED TO CLAIM CONDITIONS FOR LIABILITY 156 157 158 159 162 162 162
162 163 164 164 165 165 166 167 168 168 168 168 170 171 171 172 173 173
173 174 175 177 178 179 185 186 187 187 187 189 189 190 TABLE OF
CONTENTS 8.4 LIABILITY FOR ADMINISTRATION, MANAGEMENT AND LIQUIDATION
8.4.1 8.4.2 8.4.3 8.4.4 LIABLE PERSONS AND PERSONS ENTITLED TO CLAIM
CONDITIONS FOR LIABILITY 8.4.2.1 LOSS 8.4.2.2 BREACH OF DUTY
(UNLAWFULNESS) 8.4.2.3 LIMITATION OF LIABILITY IN CASES OF AUTHORISED
DELEGATION 8.4.2.4 FAULT 8.4.2.5 ADEQUATE CAUSALITY LIABILITY UNDER
PUBLIC LAW 8.4.3.1 LIABILITY FOR OUTSTANDING TAX 8.4.3.2 LIABILITY FOR
SOCIAL INSURANCE CONTRIBUTIONS INSURANCE COVER 8.4.4.1 INDEMNITY BY
COMPANY OR SINGLE OR MAJORITY SHAREHOLDER 8.4.4.2 INSURANCE COVER
THROUGH AN INSURANCE CONTRACT 8.5 LIABILITY OF THE AUDITORS 8.5.1 8.5.2
LIABLE PERSONS AND PERSONS ENTITLED TO CLAIM CONDITIONS FOR LIABILITY
XIX 191 191 192 192 193 196 197 197 198 198 198 199 199 200 202 202 202
8.5.2.1 LOSS 202 8.5.2.2 BREACHES OF DUTY 203 8.5.2.3 CAUSALITY, FAULT,
ASSESSMENT OF DAMAGES AND DIFFERENTIATED JOINT LIABILITY 204 8.6
ENFORCEMENT OF LIABILITY CLAIMS 205 8.6.1 GENERAL REMARKS 205 8.6.2
LEGAL ACTIONS OUTSIDE OF BANKRUPTCY 205 8.6.3 LEGAL ACTIONS DURING
BANKRUPTCY 206 8.6.4 PRESCRIPTION AND PLACE OF JURISDICTION 208 8.6.4
JOINT AND SEVERAL LIABILITY AND RECOURSE 209 9. DISSOLUTION AND
LIQUIDATION 211 9.1 DISSOLUTION 211 9.1.1 DEFINITION 211 9.1.2 REASONS
FOR DISSOLUTION 211 9.2 LIQUIDATION 215 9.2.1 COMPANIES IN THE
LIQUIDATION STAGE 215 9.2.2 LIQUIDATION PROCEEDINGS 216 9.3 DISSOLUTION
WITHOUT LIQUIDATION 218 10. CORPORATE GROUPS 219 10.1 DEFINITION AND
ESSENCE 219 10.2 SELECTED ASPECTS 221 XX TABLE OF CONTENTS 10.2.1 DUTY
TO PREPARE CONSOLIDATED ACCOUNTS 221 10.2.2 PROTECTION OF MINORITIES 222
10.2.3 BOARD OF DIRECTORS OF THE SUBSIDIARY 225 10.2.4 LIABILITY WITHIN
THE CORPORATE GROUP 226 11 . CORPORATE GOVERNANCE 231 11.1 GENERAL
REMARKS 233 11.2 DEFINITION AND BASIC CONCERNS 234 11.3 CORPORATE
GOVERNANCE REGULATIONS IN SWITZERLAND 235 11.3.1 COMPANY LAW 235
11.3.1.1 INALIENABLE AND IRREVOCABLE POWERS OF THE BOARD OF DIRECTORS
235 11.3.1.2 TRANSPARENCY RELATING TO REMUNERATION OF THE MEMBERS OF THE
BOARD OF DIRECTORS AND THE MANAGEMENT BOARD 237 11.3.2 SWISS CODE OF
BEST PRACTICE FOR GORPORATE GOVERNANCE 239 11.3.2.1 LEGAL FORM 239
11.3.2.2 MAIN CONTENT 240 11.3.3 DIRECTIVE ON INFORMATION RELATING TO
CORPORATE GOVERNANCE 252 11.3.3.1 LEGAL FORM 252 11.3.3.2 MAIN CONTENT
253 11.4 CORPORATE GOVERNANCE IN SMALL AND MEDIUM-SIZED COMPANIES 257
12. REVISION OF COMPANY AND ACCOUNTING LEGISLATION: PRELIMINARY DRAFT
2005 261 12.1 INTRODUCTORY REMARKS 261 12.2 IMPROVEMENT OF CORPORATE
GOVERNANCE 262 12.2.1 DISCLOSURE OF REMUNERATION PAID TO CORPORATE
BODIES 263 12.2.2 STRENGTHENING OF SHAREHOLDERS RIGHTS 264 12.2.3
DISCLOSURE OF INFORMATION THROUGH THE COMMERCIAL REGISTER 267 12.2.4
PROXY VOTING 267 12.2.5 ORGANISATION OF THE BOARD OF DIRECTORS 268
12.2.6 AUDITORS LIABILITY 269 12.3 NEW RULES ON CAPITAL STRUCTURE 270
12.3.1 GENERAL REMARKS 270 12.3.2 CAPITAL BAND 270 12.3.3 ALTERNATIVE:
COMBINATION OF AUTHORISED INCREASE IN CAPITAL AND AUTHORISED REDUCTION
IN CAPITAL 271 12.3.4 APPRAISAL 272 12.3.5 ABANDONMENT OF MINIMUM
NOMINAL VALUE 273 12.3.6 BEARER SHARES 273 TABLE OF CONTENTS XXJ 12.3.7
PARTICIPATION CERTIFICATES 274 12.4 ADJUSTMENTS IN THE REGULATIONS ON
THE GENERAL MEETINGS 275 . 12.4.1 ELECTRONIC CONVENING AND NEW
REGULATIONS ON VENUES 275 12.4.2 ELECTRONIC GRANTING OF PROXY 276 12.4.3
USEOF ELECTRONIC TECHNOLOGY AT THE GENERAL MEETING 276 12.5 REVISION OF
ACCOUNTING LEGISLATION 276 12.5.1 GENERAL REMARKS 276 12.5.2 UNIFORM
REGULATIONS FOR ALL LEGAL FORMS UNDER PRIVATE LAW 278 12.5.3 12.5.4
12.5.5 12.5.6 12.5.7 13. MERGER LAW 13.1 13.2 13.3 13.4 DIFFERENTIATION
ACCORDING TO COMPANY SIZE STRUCTURE AND VALUATION REGULATIONS TAX
NEUTRAL REGULATIONS ACCOUNTS ACCORDING TO PRIVATE ACCOUNTING STANDARDS
GROUP ACCOUNTS INTRODUCTORY REMARKS MERGER 13.2.1 13.2.2 13.2.3 13.2.4
13.2.5 FORMS OF MERGER PERMITTED MERGERS FUNCTIONS OF THE MERGER
PROCEDURE FOR A MERGER 13.2.4.1 ORDINARY PROCEDURE 13.2.4.2 SIMPLIFIED
PROCEDURE FOR CORPORATE GROUPS 13.2.4.3 SIMPLIFIED PROCEDURES FOR SMALL
AND MEDIUM-SIZED COMPANIES SPECIAL PROTECTIVE PROVISIONS 13.2.5.1
CREDITOR PROTECTION 13.2.5.2 EMPLOYEE PROTECTION DEMERGER 13.3.1 13.3.2
13.3.3 13.3.4 13.3.5 FORMS OF DEMERGER PERMITTED DEMERGERS PURPOSES OF
DEMERGERS DEMERGER PROCEDURE 13.3.4.1 ORDINARY PROCEDURE 13.3.4.2
SIMPLIFIED PROCEDURE SPECIAL PROTECTIVE PROVISIONS 13.3.5.1 CREDITOR
PROTECTION 13.3.5.2 EMPLOYEE PROTECTION TRANSFORMATIONS 13.4.1 FORMS OF
TRANSFORMATION 278 278 279 280 281 283 283 284 284 286 287 287 287 289
290 291 291 292 293 293 293 294 294 294 295 295 295 296 296 296 XXII
TABLE OF CONTENTS 13.4.2 PERMITTED TRANSFORMATIONS 297 13.4.3 FUNCTIONS
OF TRANSFORMATION 298 13.4.4 PROCEDURE FOR TRANSFORMATION 298 13.4.4.1
ORDINARY PROCEDURE 298 13.4.4.2 SIMPLIFIED PROCEDURE 299 13.4.5 SPECIAL
PROTECTIVE PROVISIONS 299 13.4.5.1 PROTECTION OF CREDITORS 299 13.4.5.2
EMPLOYEE PROTECTION 300 13.5 TRANSFER OF ASSETS AND LIABILITIES 300
13.5.1 FORMS OF TRANSFER OF ASSETS AND LIABILITIES 300 13.5.2 PERMITTED
TRANSFERS OF ASSETS AND LIABILITIES 301 13.5.3 FUNCTIONS OF THE TRANSFER
OF ASSETS AND LIABILITIES 301 13.5.4 PROCEDURE FOR A TRANSFER OF ASSETS
AND LIABILITIES 302 13.5.5 SPECIAL PROTECTIVE PROVISIONS 304 13.5.5.1
CREDITOR PROTECTION 304 13.5.5.2 EMPLOYEE PROTECTION 304 13.6 LEGAL
PROTECTION 304 13.6.1 ACTION FOR REVIEW 305 13.6.2 ACTION CHALLENGING A
RESOLUTION 305 13.6.3 ACTION OF ACCOUNTABILITY 306 14. STOCK EXCHANGE
LAW 309 14.1 LEGAL PRINCIPLES 312 14.1.1 SPECIAL PROVISIONS UNDER
COMPANY LAW 312 14.1.2 STOCK EXCHANGE LAW REGULATIONS 313 14.2 LISTING
314 14.2.1 GENERAL REMARKS 314 14.2.2 LISTING AND TRADING SEGMENTS ON
THE SWX SWISS EXCHANGE 314 14.2.3 LISTING RULES 316 14.2.4 LISTING
PROCEDURE 316 14.2.4.1 REQUIREMENTS FOR THE COMPANY (ISSUER) 316
14.2.4.2 REQUIREMENTS FOR THE SECURITIES 318 14.2.4.3 PUBLICATION
OBLIGATIONS FOR LISTING - LISTING PROSPECTUS AND LISTING ADVERTISEMENT
319 14.3 CONDITIONS FOR MAINTAINING LISTING 319 14.3.1 GENERAL REMARKS
319 14.3.2 GENERAL REPORTING REQUIREMENTS (GENERAL DISCLOSURE) 320
14.3.3 ACCOUNTING REQUIREMENTS 321 14.3.4 REGULAR REPORTING 321 14.3.5
CORPORATE GOVERNANCE 322 14.3.6 AD HOC PUBLICITY 323 TABLE OF CONTENTS
XXIII 14.3.6.1 REGULATIONS IN THE LISTING RULES 323 14.3.6.2 INFORMATION
THAT MUST BE DISCLOSED 324 14.3.6.3 COMMUNICATION OF AD HOC NOTICES 325
14.3.6.4 POSTPONEMENT OF DISCLOSURE AND INFORMATION LEAKS 326 14.3.6.5
SUSPENSION OF TRADING 327 14.3.6.6 RESPONSIBILITY OF THE COMPANY 327
14.3.7 DISCLOSURE OF MANAGEMENT TRANSACTIONS 328 14.3.7.1 REGULATION IN
THE LISTING RULES 328 14.3.7.2 TRANSACTIONS THAT MUST BE REPORTED 328
14.3.7.3 PERSONS SUBJECT TO A DUTY OF DISCLOSURE 329 14.3.7.4 REPORT BY
THE PERSON SUBJECT TO A DUTY OF DISCLOSURE TO THE COMPANY 330 14.3.7.5
REPORT BY THE COMPANY TO THE SWX SWISS EXCHANGE 331 14.3.7.6
RESPONSIBILITY OF THE COMPANY 331 14.3.8 TERMINATION AND SUSPENSION OF
LISTING, DELISTING 332 14.3.8.1 TERMINATION OF LISTING 332 14.3.8.2
SUSPENSION OF LISTING 332 14.3.8.3 CANCELLATION OF LISTING (DELISTING)
332 14.4 DISCLOSURE OF PARTICIPATIONS UNDER STOCK EXCHANGE LAW 334
14.4.1 SHAREHOLDERS DUTY OF DISCLOSURE 334 14.4.2 PERSONS REQUIRED TO
DISCLOSE INFORMATION 334 14.4.3 INFORMATION THAT MUST BE DISCLOSED 335
14.4.3.1 DIRECT AND INDIRECT ACQUISITION OR SALE OF EQUITY SECURITIES
335 14.4.3.2 ACQUISITION OR SALE OF CONVERSION AND SHARE ACQUISITION
RIGHTS AND SHARE SALE RIGHTS 335 14.4.3.3 FURTHER INFORMATION THAT MUST
BE DISCLOSED 336 14.4.4 RELEVANT THRESHOLD VALUES 336 14.4.5 REPORT TO
THE COMPANY AND THE SWX SWISS EXCHANGE 337 14.4.6 DUTY OF THE COMPANY TO
PROVIDE INFORMATION 338 14.4.7 EXEMPTIONS AND EASING OF REQUIREMENTS AND
PRELIMINARY RULINGS 338 14.4.8 CONSEQUENCES OF A BREACH OF THE DUTY OF
DISCLOSURE 338 14.5 PUBLIC TAKEOVER OFFERS 339 14.5.1 INTRODUCTORY
REMARKS 339 14.5.2 DEFINITION OF A PUBLIC TAKEOVER OFFER AND SCOPE OF
APPLICATION 340 14.5.3 SUPERVISION AND REVIEW OF PUBLIC TAKEOVER OFFERS
341 14.5.3.1 FEDERAL BANKING COMMISSION AS THE SUPREME SUPERVISORY
AUTHORITY 341 XXIV TABLE OF CONTENTS 14.5.3.2 TAKEOVER BOARD AS THE
PRIMARY SUPERVISORY BODY 342 14.5.4 OBLIGATIONS OF THE BIDDER 342
14.5.4.1 DUTY TO PROVIDE AN OFFER PROSPECTUS 342 14.5.4.2 PRINCIPLE OF
EQUAL TREATMENT 344 14.5.4.3 ACTING IN CONCERT AND ORGANISED GROUPS 345
14.5.4.4 SPECIAL REPORTING REQUIREMENTS DURING THE OFFER PERIOD , 346
14.5.5 PROCEDURE AND POSSIBLE ARRANGEMENTS 347 14.5.5.1 REVIEW OF THE
OFFER 347 14.5.5.2 CONDITIONS AND DURATION OF THE OFFER 348 14.5.5.3
ALTERATION AND WITHDRAWAL OF AN OFFER 350 14.5.6 PRIOR ANNOUNCEMENT OF
AN OFFER 350 14.5.7 OBLIGATION TO MAKE AN OFFER 352 14.5.7.1 STATUTORY
OBLIGATION TO MAKE AN OFFER (MANDATORY OFFER) 352 14.5.7.2 EXEMPTIONS
FROM THE OBLIGATION TO MAKE AN OFFER 353 14.5.7.3 PROCEDURE 355 14.5.7.4
MINIMUM PRICE FOR THE MANDATORY OFFER 356 14.5.7.5 CONDITIONS AND DUE
DATES 357 14.5.7.6 SANCTIONS 357 14.5.7.7 TARGET COMPANY S VOLUNTARY
WAIVER OF THE OBLIGATION TO MAKE AN OFFER: OPTING-OUT 358 14.5.8
OBLIGATIONS OF THE TARGET COMPANY AND DEFENCE MEASURES 359 14.5.8.1
REPORT OF THE BOARD OF DIRECTORS OF THE TARGET COMPANY ON THE TAKEOVER
OFFER 359 14.5.8.2 DEFENSIVE MEASURES BY THE TARGET COMPANY 361 14.5.8.3
COMPETING OFFERS 363 14.5.8.4 DUTY OF DISCLOSURE FOR SHARE TRANSACTIONS
DURING THE OFFER PERIOD 363 14.5.9 CANCELLATION OF OUTSTANDING EQUITY
SECURITIES: SQUEEZE-OUT 364 15. TAX LAW 365 15.1 INTRODUCTION 366 15.1.1
GENERAL REMARKS 366 15.1.2 DIRECT AND INDIRECT CORPORATE TAXATION 367
15.1.3 ASSESSMENT OF THE TAXABLE PROFIT 368 15.1.3.1 FUNDAMENTALS 368
15.1.3.2 FIRST STEP: SIGNIFICANCE OF THE BALANCE SHEET 368 15.1.3.3
SECOND STEP: TAX ADJUSTMENTS 368 TABLE OF CONTENTS XXV 15.2 SELECTED
ASPECTS 15.2.1 15.2.2 15.2.3 15.2.4 15.2.5 15.2.6 15.2.7 15.2.8 15.2.9
15.2.10 PERIOD OF ASSESSMENT DEPRECIATION AND PROVISIONS 15.2.2.1
DEFINITION AND FUNCTION OF DEPRECIATION 15.2.2.2 PRINCIPLES OF
DEPRECIATION 15.2.2.3 FORMS OF DEPRECIATION RECOGNISED FOR TAX PURPOSES
15.2.2.4 SYSTEM OF DEPRECIATION RATES AND THE IMMEDIATE WRITE-OFF
15.2.2.5 DEFINITION AND FUNCTION OF PROVISIONS REPLACEMENT ACQUISITIONS
OFFSETTING OF LOSSES 15.2.4.1 DEFINITION AND LEGAL BASIS 15.2.4.2 TAX
PLANNING ASPECTS DISTRIBUTIONS IN KIND 15.2.5.1 DEFINITION 15.2.5.2 TAX
IMPLICATIONS OF DISTRIBUTIONS IN KIND HIDDEN CAPITAL CONTRIBUTION
INDIRECT PARTIAL LIQUIDATION 15.2.7.1 DEFINITION 15.2.7.2 TAX
IMPLICATIONS 15.2.7.3 NEW STATUTORY PROVISIONS TRANSPOSITION 15.2.8.1
DEFINITION 15.2.8.2 TAX IMPLICATIONS 15.2.8.3 NEW STATUTORY REGULATION
CAPITAL GAINS TAX ON REAL ESTATE ADVANCE INFORMATION FROM THE TAX
AUTHORITIES 15.3 COMPANIES WITH SPECIAL TAX STATUS AND TAX RELIEF FOR
NEWLY ESTABLISHED COMPANIES 15.3.1 15.3.2 15.3.3 GENERAL REMARKS HOLDING
COMPANIES 15.3.2.1 DEFINITION AND FUNCTION 15.3.2.2 CANTONAL TAXES
15.3.2.3 DIRECT FEDERAL TAXATION: SHAREHOLDER S DEDUCTION DOMICILIARY
COMPANIES 15.3.3.1 DEFINITION AND FUNCTION 15.3.3.2 CANTONAL TAXES
15.3.3.3 DIRECT FEDERAL TAXATION 15.3.3.4 LEGAL BARRIERS 371 371 371 371
372 372 373 374 375 376 376 377 377 377 379 379 380 380 381 381 386 386
387 387 387 388 390 390 391 391 391 392 393 393 393 394 394 XXVI 15.4
15.5 15.6 15.7 TABLE OF CONTENTS 15.3.4 MIXED» COMPANIES 15.3.5 TAX
RELIEF FOR NEWLY ESTABLISHED COMPANIES PRINCIPLES OF INTERCANTONALTAX
LAW VALUE ADDED TAX 15.5.1 LEGAL BASIS 15.5.2 VALUE ADDED TAX ON
DOMESTIC TURNOVER 15.5.2.1 TAXABLE TURNOVER (TAXABLE UNIT) 15.5.2.2
TAXABLE PERSON 15.5.2.3 GROUP TAXATION 15.5.2.4 VOLUNTARY TAX LIABILITY
15.5.2.5 PLACE OF TAXABLE TURNOVER 15.5.2.6 TURNOVER EXEMPTED FROM VAT
15.5.2.7 ZERO-RATED TURNOVER 15.5.2.8 BASIS FOR TAX ASSESSMENT 15.5.2.9
TAX RATES 15.5.2.10 BILLING AND PASSING ON VAT 15.5.2.11 INPUT TAX
DEDUCTION 15.5.2.12 ORIGIN OF THE TAX CLAIM, ASSESSMENT AND PAYMENT
15.5.3 VALUE ADDED TAX ON IMPORTS WITHHOLDING TAX 15.6.1 DEFINITION AND
LEGAL BASIS 15.6.2 TAXABLE UNIT 15.6.2.1 INCOME FROM INVESTMENTS
15.6.2.2 DISTRIBUTIONS IN KIND IN TRANSACTIONS WITH SHAREHOLDERS
15.6.2.3 LIQUIDATION SURPLUSES 15.6.2.4 ACQUISITION OF OWN SHARES 15.6.3
TAX COLLECTION 15.6.3.1 GENERAL REMARKS 15.6.3.2 NOTIFICATION PROCEDURE
15.6.4 REFUND OF TAX 15.6.4.1 PRINCIPLE OF THE FULL REFUND 15.6.4.2
EXCLUSION FROM THE REFUND STAMP DUTY 15.7.1 GENERAL REMARKS 15.7.2 STAMP
DUTY ON NEW ISSUES 15.7.2.1 CONCEPT AND LEGAL BASIS 395 395 397 397 397
398 398 399 399 399 400 400 400 401 401 401 402 402 402 403 403 404 404
405 406 406 407 407 408 409 409 409 409 409 410 410 15.7.2.2 STAMP DUTY
LIABILITY, TAX RATES AND CALCULATION 410 15.7.3 SECURITY TRANSFER STAMP
DUTY 411 15.8 REORGANISATION 412 15.8.1 INTRODUCTORY REMARKS 412 TABLE
OF CONTENTS 15.8.1.1 15.8.1.2 15.8.1.3 15.8.2 MERGER 15.8.2.1 15.8.2.2
15.8.2.3 15.8.2.4 GENERAL TAX NEUTRALITY IN CASE OF CORPORATE PROFIT TAX
15.8.1.2.1 GENERAL REQUIREMENTS 15.8.1.2.2 TRANSACTION-SPECIFIC
REQUIREMENTS TAX NEUTRALITY IN CASE OF OTHER TAXES 15.8.1.3.1 PROPERTY
TAXES 15.8.1.3.2 WITHHOLDING TAX 15.8.1.3.3 STAMP DUTIES 15.8.1.3.4
VALUE ADDED TAX (VAT) PRINCIPLE OF TAX NEUTRALITY MERGER OF AFFILIATED
COMPANIES ABSORBING SUBSIDIARIES MERAER BETWEEN NARENT COMOANV AND XXVII
412 412 412 413 415 415 415 415 416 416 416 417 417 SUBSIDIARIES 418
15.8.2.5 MERGER WITH A COMPANY IN LIQUIDATION 418 15.8.2.6 EMIGRATION
MERGER 418 15.8.2.7 RESTRUCTURING MERGER 419 15.8.3 DEMERGER 419 15.8.4
TRANSFORMATION 419 15.8.4.1 GENERAL REMARKS 419 15.8.4.2 TRANSFORMATION
OF A GENERAL OR LIMITED PARTNERSHIP INTO A COMPANY LIMITED BY SHARES 420
15.8.4.3 TRANSFORMATION OF A COMPANY LIMITED BY SHARES INTO A DIFFERENT
LEGAL ENTITY 420 15.8.5 TRANSFER OF ASSETS AND LIABILITIES 420 15.8.5.1
MERGER, DEMERGER AND TRANSFORMATION THROUGH TRANSFER OF ASSETS AND
LIABILITIES 420 15.8.5.2 TRANSFORMATION» THROUGH TRANSFER OF ASSETS AND
LIABILITIES 421 15.8.5.3 TRANSFER OF ASSETS AND LIABILITIES TO A
SUBSIDIARY 421 15.8.5.4 TRANSFER OF ASSETS AND LIABILITIES WITHIN THE
GROUP OF COMPANIES 421 15.9 ASPECTS OF INTERNATIONAL TAX LAW 422 15.9.1
GENERAL REMARKS 422 15.9.2 DOUBLE TAXATION TREATIES (DTTS) 422 15.9.2.1
GENERAL REMARKS 422 15.9.2.2 FUNCTION 423 15.9.3 TAXATION OF
SWISS-RESIDENT COMPANIES WITH A FOREIGN INVOLVEMENT 424 XXVIII TABLE OF
CONTENTS 15.9.3.1 GENERAL REMARKS 424 15.9.3.2 TYPES OF FOREIGN
INVOLVEMENT 424 15.9.3.2.1 GENERAL REMARKS 424 15.9.3.2.2 PERMANENT
ESTABLISHMENT 425 15.9.3.2.3 CAPITAL INVESTMENTS ABROAD 426 15.9.3.3
MEASURES TO COUNTER ABUSE 426 15.10 CORPORATE TAX REFORM II 427 15.10.1
GENERAL REMARKS 427 15.10.2 MEASURES FOR SHAREHOLDERS 427 15.10.3
MEASURES FOR COMPANIES 428 PART II ENGLISH TRANSLATION OF THE PROVISIONS
OF THE SWISS CODE OF OBLIGATIONS GOVERNING THE COMPANY LIMITED BY SHARES
(CO 620-763) 431 ANNEX ENGLISH TRANSLATION OF THE AMENDMENTS TO THE LAW
ON THE COMPANY LIMITED BY SHARES AS PART OF THE REVISED LAW ON THE
LIMITED LIABILITY COMPANY (D-CO; ENTERING INTO FORCE ON 1 JANUARY 2008)
491 INDEX 507
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XIII TABLE OF CONTENTS FOREWORD VII GENERAL BIBLIOGRAPHY IX LIST OF
ABBREVIATIONS XXIX 1. DEFINITION AND MEANING 1 1.1 DEFINITION 1 1.2
ECONOMIC SIGNIFICANCE 3 1.3 TYPES OF COMPANY LIMITED BY SHARES 4 1.4
ALTERNATIVES TO THE COMPANY LIMITED BY SHARES 8 2. INCORPORATION 11 2.1
OVERVIEW 11 2.2 INCORPORATION REQUIREMENTS (SETTING UP STAGE) 11 2.2.1
INCORPORATING MEMBERS 11 2.2.2 ARTICLES OF ASSOCIATION 12 2.2.2.1
MANDATORY CONTENT OF THE ARTICLES OF ASSOCIATION 13 2.2.2.2
CONDITIONALLY NECESSARY CONTENT OF THE ARTICLES OF ASSOCIATION 15
2.2.2.3 OPTIONAL CONTENT OF THE ARTICLES OF ASSOCIATION 18 2.2.2.4
AMENDMENTS TO THE ARTICLES OF ASSOCIATION 19 2.2.3 SUBSCRIPTION TO AND
PAYMENT IN FULL FOR SHARES 20 2.2.4 ELECTION OF THE CORPORATE BODIES 21
2.2.5 CERTIFICATE OF INCORPORATION 21 2.3 QUALIFIED INCORPORATION 22
2.3.1 SPECIAL REGULATIONS FOR QUALIFIED INCORPORATION 22 2.3.2
INCORPORATION INVOLVING A CONTRIBUTION IN KIND 23 2.3.3 INCORPORATION
INVOLVING AN ACQUISITION IN KIND 24 2.3.4 TAKEOVER OF A BUSINESS AS A
CONTRIBUTION IN KIND OR ACQUISITION IN KIND 26 2.3.5 SPECIAL PRIVILEGES
IN FAVOUR OF THE INCORPORATORS OR OTHER PERSONS 26 2.3.6 PAYMENT IN FULL
BY OFFSET 27 2.4 ACQUISITION OF LEGAL PERSONALITY (COMING INTO EXISTENCE
STAGE) 28 2.4.1 FUNCTION AND EFFECT OF REGISTRATION IN THE COMMERCIAL
REGISTER 28 2.4.2 APPLICATION FOR REGISTRATION IN THE COMMERCIAL
REGISTER 29 2.4.3 INSPECTION BY THE COMMERCIAL REGISTRAR 31 2.4.3.1
INSPECTION PROCEDURE 31 XIV TABLE OF CONTENTS 2.4.3.2 OBJECTION
PROCEDURE 32 2.4.3.3 POWER OF INSPECTION 32 2.4.4 REGISTRATION IN THE
COMMERCIAL REGISTER AND PUBLICATION IN THE SWISS OFFICIAL COMMERCIAL
GAZETTE 34 2.5 DEFECTIVE INCORPORATION AND ORGANISATIONAL DEFECTS 35
2.5.1 ACTION FOR DISSOLUTION IN THE EVENT OF DEFECTIVE INCORPORATION 35
2.5.2 MEASURES IN THE EVENT OF ORGANISATIONAL DEFECTS 36 2.6 LEGAL ACTS
PRIOR TO REGISTRATION IN THE COMMERCIAL REGISTER 37 2.6.1 SHARES ISSUED
PRIOR TO REGISTRATION 37 2.6.2 PRE-REGISTRATION OBLIGATIONS FOR THE
COMPANY 37 3. SHARE CAPITAL AND SHARES 41 3.1 SHARE CAPITAL 41 3.1.1
DEFINITION 41 3.1.2 FUNCTION 43 3.1.3 PROTECTION OF SHARE CAPITAL 43
3.1.3.1 SAFEGUARDS FOR RAISING CAPITAL 43 3.1.3.2 SAFEGUARDS FOR THE
MAINTENANCE OF CAPITAL 46 3.1.4 MEASURES FOR LOSS OF CAPITAL AND
OVERINDEBTEDNESS 50 3.1.4.1 MEASURES FOR LOSS OF CAPITAL 50 3.1.4.2
MEASURES FOR OVERINDEBTEDNESS 52 3.2 SHARES 53 3.2.1 DEFINITIONS 53
3.2.2 TYPES OF SHARES 55 3.2.2.1 BEARER SHARES 56 3.2.2.2 REGISTERED
SHARES (AND THE SHARE REGISTER) 56 3.2.2.3 VOTING SHARES 58 3.2.2.4
PREFERENCE SHARES 59 3.2.3 PARTICIPATION CERTIFICATE AND PROFIT-SHARING
CERTIFICATE 59 3.2.3.1 PARTICIPATION CERTIFICATE (PC) 59 3.2.3.2
PROFIT-SHARING CERTIFICATE 61 3.2.4 DEBENTURES, CONVERTIBLE BONDS AND
OPTION BONDS 61 3.2.5 RESTRICTIONS ON THE TRANSFERABILITY OF REGISTERED
SHARES 62 3.2.5.1 GENERAL REMARKS 62 3.2.5.2 STATUTORY RESTRICTIONS ON
THE TRANSFERABILITY 63 3.2.5.3 RESTRICTIONS ON THE TRANSFERABILITY OF
LISTED REGISTERED SHARES IN THE ARTICLES OF ASSOCIATION 63 3.2.5.4
RESTRICTIONS ON THE TRANSFERABILITY OF UNLISTED REGISTERED SHARES IN THE
ARTICLES OF ASSOCIATION 66 4. ALTERATION OF SHARE CAPITAL 69 4.1
INCREASE IN CAPITAL 69 TABLE OF CONTENTS XV 4.2 5. LEGAL 5.1 5.2 5.3 5.4
4.1.1 4.1.2 4.1.3 4.1.4 GENERAL REMARKS ORDINARY AND AUTHORISED INCREASE
IN CAPITAL 4.1.2.1 ORDINARY INCREASE IN CAPITAL 4.1.2.2 AUTHORISED
INCREASE IN CAPITAL 4.1.2.3 GENERAL PROVISIONS CONDITIONAL INCREASE IN
CAPITAL 4.1.3.1 GENERAL REMARKS 4.1.3.2 REQUIREMENTS AND METHODS FIRM
UNDERWRITING PROCEDURES REDUCTION IN SHARE CAPITAL 4.2.1 4.2.2 4.2.3
GENERAL REMARKS TYPES OF REDUCTION IN CAPITAL PROCEDURE FOR REDUCING
CAPITAL STATUS OF SHAREHOLDERS ACQUISITION, TRANSFER AND LOSS OF
MEMBERSHIP PRINCIPLES OF MEMBERSHIP UNDER COMPANY LAW 5.2.1 5.2.2 5.2.3
5.2.4 CAPITAL-RELATEDNESS INDIVIDUAL AND MINORITY PROTECTION 5.2.2.1
INALIENABLE RIGHTS 5.2.2.2 QUALIFIED QUORUMS FOR RESOLUTIONS 5.2.2.3
MINORITY RIGHTS ANONYMITY REQUIREMENT OF EQUAL TREATMENT OBLIGATIONS OF
THE SHAREHOLDER 5.3.1 5.3.2 5.3.3 RIGHTS 5.4.1 5.4.2 PAYMENT IN FULL
(DUTY TO CONTRIBUTE) ABSENCE OF FURTHER OBLIGATIONS UNDER COMPANY LAW
OBLIGATIONS UNDER STOCK EXCHANGE LAW OF THE SHAREHOLDER FINANCIAL RIGHTS
5.4.1.1 RIGHT TO RECEIVE DIVIDENDS 5.4.1.2 RIGHT TO A SHARE IN THE
PROCEEDS OF LIQUIDATION 5.4.1.3 RIGHT TO CONSTRUCTION PERIOD INTEREST
5.4.1.4 RIGHT TO ENJOY COMPANY FACILITIES RIGHTS OF PARTICIPATION
5.4.2.1 VOTING RIGHTS 69 70 70 72 73 75 75 76 78 79 79 79 81 85 85 87 87
88 88 89 89 89 90 92 92 93 93 94 94 94 96 96 97 97 97 5.4.2.2 RIGHT TO
PARTICIPATE, BRING MOTIONS AND EXPRESS AN OPINION AT THE GENERAL MEETING
5.4.2.3 RIGHT TO CONVENE MEETINGS AND TO INCLUDE ITEMS ON THE AGENDA
5.4.2.4 RIGHT TO BE ELECTED 5.4.2.5 RIGHT TO BE REPRESENTED ON THE BOARD
OF DIRECTORS 99 100 100 101 XVI TABLE OF CONTENTS 5.4.3 RIGHTS TO
INFORMATION AND INSPECTION RIGHTS 101 5.4.3.1 RIGHT TO SEE THE ANNUAL
BUSINESS REPORT AND AUDIT REPORT 102 5.4.3.2 RIGHT TO INFORMATION AND
INSPECTION 102 5.4.3.3 RIGHT TO REQUEST A SPECIAL AUDIT 104 5.4.3.4
RIGHT TO AN INDEPENDENT AND PROFESSIONAL AUDIT 106 5.4.4 RIGHTS TO TAKE
LEGAL ACTION 107 5.4.4.1 ACTION CHALLENGING RESOLUTIONS OF THE GENERAL
MEETING 107 5.4.4.2 ACTION FOR NULLIFICATION OF RESOLUTIONS OF THE
GENERAL MEETING AND OF THE BOARD OF DIRECTORS 107 5.4.4.3 ACTION OF
ACCOUNTABILITY 107 5.4.4.4 ACTION FOR REFUND 108 5.4.4.5 ACTION FOR
DISSOLUTION 108 5.5 5.6 PROTECTING THE LEVEL OF SHAREHOLDING 5.5.1
PRE-EMPTION RIGHTS 5.5.2 PRIORITY RIGHT OF SUBSCRIPTION SHAREHOLDERS'
AGREEMENTS 5.6.1 NATURE AND DESCRIPTION 5.6.2 TYPICAL CONTENT 5.6.3
DURATION AND TERMINATION 5.6.4 ENFORCEMENT 6. ACCOUNTING 6.1 6.2 6.3 6.4
6.5 6.6 GENERAL REMARKS ACCOUNTS 6.2.1 ANNUAL REPORT 6.2.2 ANNUAL
ACCOUNTS (PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND ANNEX) 6.2.2.1
PROFIT AND LOSS ACCOUNT 6.2.2.2 BALANCE SHEET 6.2.2.3 ANNEX 6.2.2.4
GROUP ACCOUNTS PRINCIPLES OF PROPER ACCOUNTING VALUATION PRINCIPLES
DEPRECIATION, VALUATION ADJUSTMENTS AND PROVISIONS RESERVES 6.6.1
DEFINITION AND FUNCTION 6.6.2 STATUTORY RESERVES 6.6.2.1 GENERAL RESERVE
6.6.2.2 REVALUATION RESERVE AND RESERVE FOR OWN SHARES 108 109 110 110
110 111 113 113 115 115 117 117 118 118 119 119 121 121 124 126 127 127
127 127 128 TABLE OF CONTENTS XVII 6.6.3 VOLUNTARY RESERVES 129 6.6.3.1
RESERVES IN TERMS OF THE ARTICLES OF 6.6.4 ASSOCIATION 6.6.3.2
RESOLUTION RESERVES HIDDEN RESERVES 6.6.4.1 REQUIREMENTS 6.6.4.2 FORMS
6.6.4.3 THE DIFFICULTY WITH HIDDEN RESERVES 7. CORPORATE BODIES 7.1
GENERAL 7.1.1 7.1.2 7.2 GENERAL 7.2.1 7.2.2 7.2.3 7.2.4 7.2.5 7.2.6
7.2.7 7.2.8 REMARKS CONCEPT OF THE CORPORATE BODY LEGALLY REQUIRED AND
OPTIONAL CORPORATE BODIES MEETING FUNCTION INALIENABLE POWERS TYPES OF
THE GENERAL MEETING 7.2.3.1 ORDINARY GENERAL MEETING 7.2.3.2
EXTRAORDINARY GENERAL MEETING 7.2.3.3 UNIVERSAL MEETING CONVENING
MEETINGS PREPARATION, CONDUCT AND MINUTES 7.2.5.1 PREPARATION AND
CONDUCT 7.2.5.2 MINUTES REPRESENTATION OF THE SHAREHOLDERS 7.2.6.1
INDIVIDUAL PROXY 7.2.6.2 CORPORATE BODY PROXIES 7.2.6.3 INDEPENDENT
PROXY 7.2.6.4 DEPOSITARY PROXY 7.2.6.5 DISCLOSURE OF INSTITUTIONAL
PROXIES DISCUSSIONS AND RESOLUTIONS 7.2.7.1 DISCUSSIONS 7.2.7.2
RESOLUTIONS AND QUORUM REQUIREMENTS DEFECTIVE RESOLUTIONS 7.2.8.1 ACTION
CHALLENGING A RESOLUTION 7.2.8.2 ACTION FOR DECLARATION OF NULLITY 7.3
BOARD OF DIRECTORS 7.3.1 7.3.2 7.3.3 FUNCTION ELECTION, REMOVAL AND
RESIGNATION 7.3.2.1 ELECTION AND ELIGIBILITY REQUIREMENTS 7.3.2.2
REMOVAL AND RESIGNATION DUTIES 129 129 130 130 130 131 133 135 135 136
137 137 137 140 140 140 141 141 142 142 144 144 145 145 146 146 146 147
147 147 149 150 151 153 153 153 153 155 156 XVIII 7.4 7.3.4 7.3.5 7.3.6
7.3.3.1 7.3.3.2 7.3.3.3 7.3.3.4 TABLE OF CONTENTS MANAGEMENT
REPRESENTATION DELEGATION OF MANAGEMENT AND REPRESENTATION INALIENABLE
AND IRREVOCABLE DUTIES ORGANISATION AND RESOLUTIONS 7.3.4.1 7.3.4.2
7.3.4.3 7.3.4.4 7.3.4.5 DUTIES 7.3.5.1 7.3.5.2 7.3.5.3 ORGANISATION
MEETINGS RIGHT TO INFORMATION AND OF INSPECTION ADOPTION OF RESOLUTIONS
MINUTES DUTY OF CARE GOOD FAITH EQUAL TREATMENT COMPENSATION AUDITORS
7.4.1 7.4.2 7.4.3 7.4.4 FUNCTION ELECTION, REMOVAL AND RESIGNATION
7.4.2.1 7.4.2.2 DUTIES 7.4.3.1 7.4.3.2 7.4.3.3 ELECTION AND ELIGIBILITY
REQUIREMENTS REMOVAL AND RESIGNATION AND OBLIGATIONS ANNUAL AUDIT
SPECIAL AUDITS FURTHER OBLIGATIONS NEW AUDIT REGULATIONS AND THE
AUDITORS'SUPERVISION ACT 7.4.4.1 7.4.4.2 7.4.4.3 7.4.4.4 7.4.4.5 7.4.4.6
8. ACCOUNTABILITY 8.1 8.2 8.3 OVERVIEW GENERAL REMARKS ORDINARY AUDIT
AND LIMITED AUDIT ORDINARY AUDIT LIMITED AUDIT COMMON PROVISIONS
AUDITORS' SUPERVISION PROSPECTUS LIABILITY 8.2.1 8.2.2 LIABLE PERSONS
AND PERSONS ENTITLED TO CLAIM CONDITIONS FOR LIABILITY LIABILITY
RESULTING FROM INCORPORATION 8.3.1 8.3.2 LIABLE PERSONS AND PERSONS
ENTITLED TO CLAIM CONDITIONS FOR LIABILITY 156 157 158 159 162 162 162
162 163 164 164 165 165 166 167 168 168 168 168 170 171 171 172 173 173
173 174 175 177 178 179 185 186 187 187 187 189 189 190 TABLE OF
CONTENTS 8.4 LIABILITY FOR ADMINISTRATION, MANAGEMENT AND LIQUIDATION
8.4.1 8.4.2 8.4.3 8.4.4 LIABLE PERSONS AND PERSONS ENTITLED TO CLAIM
CONDITIONS FOR LIABILITY 8.4.2.1 LOSS 8.4.2.2 BREACH OF DUTY
(UNLAWFULNESS) 8.4.2.3 LIMITATION OF LIABILITY IN CASES OF AUTHORISED
DELEGATION 8.4.2.4 FAULT 8.4.2.5 ADEQUATE CAUSALITY LIABILITY UNDER
PUBLIC LAW 8.4.3.1 LIABILITY FOR OUTSTANDING TAX 8.4.3.2 LIABILITY FOR
SOCIAL INSURANCE CONTRIBUTIONS INSURANCE COVER 8.4.4.1 INDEMNITY BY
COMPANY OR SINGLE OR MAJORITY SHAREHOLDER 8.4.4.2 INSURANCE COVER
THROUGH AN INSURANCE CONTRACT 8.5 LIABILITY OF THE AUDITORS 8.5.1 8.5.2
LIABLE PERSONS AND PERSONS ENTITLED TO CLAIM CONDITIONS FOR LIABILITY
XIX 191 191 192 192 193 196 197 197 198 198 198 199 199 200 202 202 202
8.5.2.1 LOSS 202 8.5.2.2 BREACHES OF DUTY 203 8.5.2.3 CAUSALITY, FAULT,
ASSESSMENT OF DAMAGES AND DIFFERENTIATED JOINT LIABILITY 204 8.6
ENFORCEMENT OF LIABILITY CLAIMS 205 8.6.1 GENERAL REMARKS 205 8.6.2
LEGAL ACTIONS OUTSIDE OF BANKRUPTCY 205 8.6.3 LEGAL ACTIONS DURING
BANKRUPTCY 206 8.6.4 PRESCRIPTION AND PLACE OF JURISDICTION 208 8.6.4
JOINT AND SEVERAL LIABILITY AND RECOURSE 209 9. DISSOLUTION AND
LIQUIDATION 211 9.1 DISSOLUTION 211 9.1.1 DEFINITION 211 9.1.2 REASONS
FOR DISSOLUTION 211 9.2 LIQUIDATION 215 9.2.1 COMPANIES IN THE
LIQUIDATION STAGE 215 9.2.2 LIQUIDATION PROCEEDINGS 216 9.3 DISSOLUTION
WITHOUT LIQUIDATION 218 10. CORPORATE GROUPS 219 10.1 DEFINITION AND
ESSENCE 219 10.2 SELECTED ASPECTS 221 XX TABLE OF CONTENTS 10.2.1 DUTY
TO PREPARE CONSOLIDATED ACCOUNTS 221 10.2.2 PROTECTION OF MINORITIES 222
10.2.3 BOARD OF DIRECTORS OF THE SUBSIDIARY 225 10.2.4 LIABILITY WITHIN
THE CORPORATE GROUP 226 11 . CORPORATE GOVERNANCE 231 11.1 GENERAL
REMARKS 233 11.2 DEFINITION AND BASIC CONCERNS 234 11.3 CORPORATE
GOVERNANCE REGULATIONS IN SWITZERLAND 235 11.3.1 COMPANY LAW 235
11.3.1.1 INALIENABLE AND IRREVOCABLE POWERS OF THE BOARD OF DIRECTORS
235 11.3.1.2 TRANSPARENCY RELATING TO REMUNERATION OF THE MEMBERS OF THE
BOARD OF DIRECTORS AND THE MANAGEMENT BOARD 237 11.3.2 SWISS CODE OF
BEST PRACTICE FOR GORPORATE GOVERNANCE 239 11.3.2.1 LEGAL FORM 239
11.3.2.2 MAIN CONTENT 240 11.3.3 DIRECTIVE ON INFORMATION RELATING TO
CORPORATE GOVERNANCE 252 11.3.3.1 LEGAL FORM 252 11.3.3.2 MAIN CONTENT
253 11.4 CORPORATE GOVERNANCE IN SMALL AND MEDIUM-SIZED COMPANIES 257
12. REVISION OF COMPANY AND ACCOUNTING LEGISLATION: PRELIMINARY DRAFT
2005 261 12.1 INTRODUCTORY REMARKS 261 12.2 IMPROVEMENT OF CORPORATE
GOVERNANCE 262 12.2.1 DISCLOSURE OF REMUNERATION PAID TO CORPORATE
BODIES 263 12.2.2 STRENGTHENING OF SHAREHOLDERS'RIGHTS 264 12.2.3
DISCLOSURE OF INFORMATION THROUGH THE COMMERCIAL REGISTER 267 12.2.4
PROXY VOTING 267 12.2.5 ORGANISATION OF THE BOARD OF DIRECTORS 268
12.2.6 AUDITORS'LIABILITY 269 12.3 NEW RULES ON CAPITAL STRUCTURE 270
12.3.1 GENERAL REMARKS 270 12.3.2 CAPITAL BAND 270 12.3.3 ALTERNATIVE:
COMBINATION OF AUTHORISED INCREASE IN CAPITAL AND AUTHORISED REDUCTION
IN CAPITAL 271 12.3.4 APPRAISAL 272 12.3.5 ABANDONMENT OF MINIMUM
NOMINAL VALUE 273 12.3.6 BEARER SHARES 273 TABLE OF CONTENTS XXJ 12.3.7
PARTICIPATION CERTIFICATES 274 12.4 ADJUSTMENTS IN THE REGULATIONS ON
THE GENERAL MEETINGS 275 . 12.4.1 ELECTRONIC CONVENING AND NEW
REGULATIONS ON VENUES 275 12.4.2 ELECTRONIC GRANTING OF PROXY 276 12.4.3
USEOF ELECTRONIC TECHNOLOGY AT THE GENERAL MEETING 276 12.5 REVISION OF
ACCOUNTING LEGISLATION 276 12.5.1 GENERAL REMARKS 276 12.5.2 UNIFORM
REGULATIONS FOR ALL LEGAL FORMS UNDER PRIVATE LAW 278 12.5.3 12.5.4
12.5.5 12.5.6 12.5.7 13. MERGER LAW 13.1 13.2 13.3 13.4 DIFFERENTIATION
ACCORDING TO COMPANY SIZE STRUCTURE AND VALUATION REGULATIONS TAX
NEUTRAL REGULATIONS ACCOUNTS ACCORDING TO PRIVATE ACCOUNTING STANDARDS
GROUP ACCOUNTS INTRODUCTORY REMARKS MERGER 13.2.1 13.2.2 13.2.3 13.2.4
13.2.5 FORMS OF MERGER PERMITTED MERGERS FUNCTIONS OF THE MERGER
PROCEDURE FOR A MERGER 13.2.4.1 ORDINARY PROCEDURE 13.2.4.2 SIMPLIFIED
PROCEDURE FOR CORPORATE GROUPS 13.2.4.3 SIMPLIFIED PROCEDURES FOR SMALL
AND MEDIUM-SIZED COMPANIES SPECIAL PROTECTIVE PROVISIONS 13.2.5.1
CREDITOR PROTECTION 13.2.5.2 EMPLOYEE PROTECTION DEMERGER 13.3.1 13.3.2
13.3.3 13.3.4 13.3.5 FORMS OF DEMERGER PERMITTED DEMERGERS PURPOSES OF
DEMERGERS DEMERGER PROCEDURE 13.3.4.1 ORDINARY PROCEDURE 13.3.4.2
SIMPLIFIED PROCEDURE SPECIAL PROTECTIVE PROVISIONS 13.3.5.1 CREDITOR
PROTECTION 13.3.5.2 EMPLOYEE PROTECTION TRANSFORMATIONS 13.4.1 FORMS OF
TRANSFORMATION 278 278 279 280 281 283 283 284 284 286 287 287 287 289
290 291 291 292 293 293 293 294 294 294 295 295 295 296 296 296 XXII
TABLE OF CONTENTS 13.4.2 PERMITTED TRANSFORMATIONS 297 13.4.3 FUNCTIONS
OF TRANSFORMATION 298 13.4.4 PROCEDURE FOR TRANSFORMATION 298 13.4.4.1
ORDINARY PROCEDURE 298 13.4.4.2 SIMPLIFIED PROCEDURE 299 13.4.5 SPECIAL
PROTECTIVE PROVISIONS 299 13.4.5.1 PROTECTION OF CREDITORS 299 13.4.5.2
EMPLOYEE PROTECTION 300 13.5 TRANSFER OF ASSETS AND LIABILITIES 300
13.5.1 FORMS OF TRANSFER OF ASSETS AND LIABILITIES 300 13.5.2 PERMITTED
TRANSFERS OF ASSETS AND LIABILITIES 301 13.5.3 FUNCTIONS OF THE TRANSFER
OF ASSETS AND LIABILITIES 301 13.5.4 PROCEDURE FOR A TRANSFER OF ASSETS
AND LIABILITIES 302 13.5.5 SPECIAL PROTECTIVE PROVISIONS 304 13.5.5.1
CREDITOR PROTECTION 304 13.5.5.2 EMPLOYEE PROTECTION 304 13.6 LEGAL
PROTECTION 304 13.6.1 ACTION FOR REVIEW 305 13.6.2 ACTION CHALLENGING A
RESOLUTION 305 13.6.3 ACTION OF ACCOUNTABILITY 306 14. STOCK EXCHANGE
LAW 309 14.1 LEGAL PRINCIPLES 312 14.1.1 SPECIAL PROVISIONS UNDER
COMPANY LAW 312 14.1.2 STOCK EXCHANGE LAW REGULATIONS 313 14.2 LISTING
314 14.2.1 GENERAL REMARKS 314 14.2.2 LISTING AND TRADING SEGMENTS ON
THE SWX SWISS EXCHANGE 314 14.2.3 LISTING RULES 316 14.2.4 LISTING
PROCEDURE 316 14.2.4.1 REQUIREMENTS FOR THE COMPANY (ISSUER) 316
14.2.4.2 REQUIREMENTS FOR THE SECURITIES 318 14.2.4.3 PUBLICATION
OBLIGATIONS FOR LISTING - LISTING PROSPECTUS AND LISTING ADVERTISEMENT
319 14.3 CONDITIONS FOR MAINTAINING LISTING 319 14.3.1 GENERAL REMARKS
319 14.3.2 GENERAL REPORTING REQUIREMENTS (GENERAL DISCLOSURE) 320
14.3.3 ACCOUNTING REQUIREMENTS 321 14.3.4 REGULAR REPORTING 321 14.3.5
CORPORATE GOVERNANCE 322 14.3.6 AD HOC PUBLICITY 323 TABLE OF CONTENTS
XXIII 14.3.6.1 REGULATIONS IN THE LISTING RULES 323 14.3.6.2 INFORMATION
THAT MUST BE DISCLOSED 324 14.3.6.3 COMMUNICATION OF AD HOC NOTICES 325
14.3.6.4 POSTPONEMENT OF DISCLOSURE AND INFORMATION LEAKS 326 14.3.6.5
SUSPENSION OF TRADING 327 14.3.6.6 RESPONSIBILITY OF THE COMPANY 327
14.3.7 DISCLOSURE OF MANAGEMENT TRANSACTIONS 328 14.3.7.1 REGULATION IN
THE LISTING RULES 328 14.3.7.2 TRANSACTIONS THAT MUST BE REPORTED 328
14.3.7.3 PERSONS SUBJECT TO A DUTY OF DISCLOSURE 329 14.3.7.4 REPORT BY
THE PERSON SUBJECT TO A DUTY OF DISCLOSURE TO THE COMPANY 330 14.3.7.5
REPORT BY THE COMPANY TO THE SWX SWISS EXCHANGE 331 14.3.7.6
RESPONSIBILITY OF THE COMPANY 331 14.3.8 TERMINATION AND SUSPENSION OF
LISTING, DELISTING 332 14.3.8.1 TERMINATION OF LISTING 332 14.3.8.2
SUSPENSION OF LISTING 332 14.3.8.3 CANCELLATION OF LISTING (DELISTING)
332 14.4 DISCLOSURE OF PARTICIPATIONS UNDER STOCK EXCHANGE LAW 334
14.4.1 SHAREHOLDERS'DUTY OF DISCLOSURE 334 14.4.2 PERSONS REQUIRED TO
DISCLOSE INFORMATION 334 14.4.3 INFORMATION THAT MUST BE DISCLOSED 335
14.4.3.1 DIRECT AND INDIRECT ACQUISITION OR SALE OF EQUITY SECURITIES
335 14.4.3.2 ACQUISITION OR SALE OF CONVERSION AND SHARE ACQUISITION
RIGHTS AND SHARE SALE RIGHTS 335 14.4.3.3 FURTHER INFORMATION THAT MUST
BE DISCLOSED 336 14.4.4 RELEVANT THRESHOLD VALUES 336 14.4.5 REPORT TO
THE COMPANY AND THE SWX SWISS EXCHANGE 337 14.4.6 DUTY OF THE COMPANY TO
PROVIDE INFORMATION 338 14.4.7 EXEMPTIONS AND EASING OF REQUIREMENTS AND
PRELIMINARY RULINGS 338 14.4.8 CONSEQUENCES OF A BREACH OF THE DUTY OF
DISCLOSURE 338 14.5 PUBLIC TAKEOVER OFFERS 339 14.5.1 INTRODUCTORY
REMARKS 339 14.5.2 DEFINITION OF A PUBLIC TAKEOVER OFFER AND SCOPE OF
APPLICATION 340 14.5.3 SUPERVISION AND REVIEW OF PUBLIC TAKEOVER OFFERS
341 14.5.3.1 FEDERAL BANKING COMMISSION AS THE SUPREME SUPERVISORY
AUTHORITY 341 XXIV TABLE OF CONTENTS 14.5.3.2 TAKEOVER BOARD AS THE
PRIMARY SUPERVISORY BODY 342 14.5.4 OBLIGATIONS OF THE BIDDER 342
14.5.4.1 DUTY TO PROVIDE AN OFFER PROSPECTUS 342 14.5.4.2 PRINCIPLE OF
EQUAL TREATMENT 344 14.5.4.3 ACTING IN CONCERT AND ORGANISED GROUPS 345
14.5.4.4 SPECIAL REPORTING REQUIREMENTS DURING THE OFFER PERIOD , 346
14.5.5 PROCEDURE AND POSSIBLE ARRANGEMENTS 347 14.5.5.1 REVIEW OF THE
OFFER 347 14.5.5.2 CONDITIONS AND DURATION OF THE OFFER 348 14.5.5.3
ALTERATION AND WITHDRAWAL OF AN OFFER 350 14.5.6 PRIOR ANNOUNCEMENT OF
AN OFFER 350 14.5.7 OBLIGATION TO MAKE AN OFFER 352 14.5.7.1 STATUTORY
OBLIGATION TO MAKE AN OFFER (MANDATORY OFFER) 352 14.5.7.2 EXEMPTIONS
FROM THE OBLIGATION TO MAKE AN OFFER 353 14.5.7.3 PROCEDURE 355 14.5.7.4
MINIMUM PRICE FOR THE MANDATORY OFFER 356 14.5.7.5 CONDITIONS AND DUE
DATES 357 14.5.7.6 SANCTIONS 357 14.5.7.7 TARGET COMPANY'S VOLUNTARY
WAIVER OF THE OBLIGATION TO MAKE AN OFFER: OPTING-OUT 358 14.5.8
OBLIGATIONS OF THE TARGET COMPANY AND DEFENCE MEASURES 359 14.5.8.1
REPORT OF THE BOARD OF DIRECTORS OF THE TARGET COMPANY ON THE TAKEOVER
OFFER 359 14.5.8.2 DEFENSIVE MEASURES BY THE TARGET COMPANY 361 14.5.8.3
COMPETING OFFERS 363 14.5.8.4 DUTY OF DISCLOSURE FOR SHARE TRANSACTIONS
DURING THE OFFER PERIOD 363 14.5.9 CANCELLATION OF OUTSTANDING EQUITY
SECURITIES: SQUEEZE-OUT 364 15. TAX LAW 365 15.1 INTRODUCTION 366 15.1.1
GENERAL REMARKS 366 15.1.2 DIRECT AND INDIRECT CORPORATE TAXATION 367
15.1.3 ASSESSMENT OF THE TAXABLE PROFIT 368 15.1.3.1 FUNDAMENTALS 368
15.1.3.2 FIRST STEP: SIGNIFICANCE OF THE BALANCE SHEET 368 15.1.3.3
SECOND STEP: TAX ADJUSTMENTS 368 TABLE OF CONTENTS XXV 15.2 SELECTED
ASPECTS 15.2.1 15.2.2 15.2.3 15.2.4 15.2.5 15.2.6 15.2.7 15.2.8 15.2.9
15.2.10 PERIOD OF ASSESSMENT DEPRECIATION AND PROVISIONS 15.2.2.1
DEFINITION AND FUNCTION OF DEPRECIATION 15.2.2.2 PRINCIPLES OF
DEPRECIATION 15.2.2.3 FORMS OF DEPRECIATION RECOGNISED FOR TAX PURPOSES
15.2.2.4 SYSTEM OF DEPRECIATION RATES AND THE IMMEDIATE WRITE-OFF
15.2.2.5 DEFINITION AND FUNCTION OF PROVISIONS REPLACEMENT ACQUISITIONS
OFFSETTING OF LOSSES 15.2.4.1 DEFINITION AND LEGAL BASIS 15.2.4.2 TAX
PLANNING ASPECTS DISTRIBUTIONS IN KIND 15.2.5.1 DEFINITION 15.2.5.2 TAX
IMPLICATIONS OF DISTRIBUTIONS IN KIND HIDDEN CAPITAL CONTRIBUTION
INDIRECT PARTIAL LIQUIDATION 15.2.7.1 DEFINITION 15.2.7.2 TAX
IMPLICATIONS 15.2.7.3 NEW STATUTORY PROVISIONS TRANSPOSITION 15.2.8.1
DEFINITION 15.2.8.2 TAX IMPLICATIONS 15.2.8.3 NEW STATUTORY REGULATION
CAPITAL GAINS TAX ON REAL ESTATE ADVANCE INFORMATION FROM THE TAX
AUTHORITIES 15.3 COMPANIES WITH SPECIAL TAX STATUS AND TAX RELIEF FOR
NEWLY ESTABLISHED COMPANIES 15.3.1 15.3.2 15.3.3 GENERAL REMARKS HOLDING
COMPANIES 15.3.2.1 DEFINITION AND FUNCTION 15.3.2.2 CANTONAL TAXES
15.3.2.3 DIRECT FEDERAL TAXATION: SHAREHOLDER'S DEDUCTION DOMICILIARY
COMPANIES 15.3.3.1 DEFINITION AND FUNCTION 15.3.3.2 CANTONAL TAXES
15.3.3.3 DIRECT FEDERAL TAXATION 15.3.3.4 LEGAL BARRIERS 371 371 371 371
372 372 373 374 375 376 376 377 377 377 379 379 380 380 381 381 386 386
387 387 387 388 390 390 391 391 391 392 393 393 393 394 394 XXVI 15.4
15.5 15.6 15.7 TABLE OF CONTENTS 15.3.4 MIXED» COMPANIES 15.3.5 TAX
RELIEF FOR NEWLY ESTABLISHED COMPANIES PRINCIPLES OF INTERCANTONALTAX
LAW VALUE ADDED TAX 15.5.1 LEGAL BASIS 15.5.2 VALUE ADDED TAX ON
DOMESTIC TURNOVER 15.5.2.1 TAXABLE TURNOVER (TAXABLE UNIT) 15.5.2.2
TAXABLE PERSON 15.5.2.3 GROUP TAXATION 15.5.2.4 VOLUNTARY TAX LIABILITY
15.5.2.5 PLACE OF TAXABLE TURNOVER 15.5.2.6 TURNOVER EXEMPTED FROM VAT
15.5.2.7 ZERO-RATED TURNOVER 15.5.2.8 BASIS FOR TAX ASSESSMENT 15.5.2.9
TAX RATES 15.5.2.10 BILLING AND PASSING ON VAT 15.5.2.11 INPUT TAX
DEDUCTION 15.5.2.12 ORIGIN OF THE TAX CLAIM, ASSESSMENT AND PAYMENT
15.5.3 VALUE ADDED TAX ON IMPORTS WITHHOLDING TAX 15.6.1 DEFINITION AND
LEGAL BASIS 15.6.2 TAXABLE UNIT 15.6.2.1 INCOME FROM INVESTMENTS
15.6.2.2 DISTRIBUTIONS IN KIND IN TRANSACTIONS WITH SHAREHOLDERS
15.6.2.3 LIQUIDATION SURPLUSES 15.6.2.4 ACQUISITION OF OWN SHARES 15.6.3
TAX COLLECTION 15.6.3.1 GENERAL REMARKS 15.6.3.2 NOTIFICATION PROCEDURE
15.6.4 REFUND OF TAX 15.6.4.1 PRINCIPLE OF THE FULL REFUND 15.6.4.2
EXCLUSION FROM THE REFUND STAMP DUTY 15.7.1 GENERAL REMARKS 15.7.2 STAMP
DUTY ON NEW ISSUES 15.7.2.1 CONCEPT AND LEGAL BASIS 395 395 397 397 397
398 398 399 399 399 400 400 400 401 401 401 402 402 402 403 403 404 404
405 406 406 407 407 408 409 409 409 409 409 410 410 15.7.2.2 STAMP DUTY
LIABILITY, TAX RATES AND CALCULATION 410 15.7.3 SECURITY TRANSFER STAMP
DUTY 411 15.8 REORGANISATION 412 15.8.1 INTRODUCTORY REMARKS 412 TABLE
OF CONTENTS 15.8.1.1 15.8.1.2 15.8.1.3 15.8.2 MERGER 15.8.2.1 15.8.2.2
15.8.2.3 15.8.2.4 GENERAL TAX NEUTRALITY IN CASE OF CORPORATE PROFIT TAX
15.8.1.2.1 GENERAL REQUIREMENTS 15.8.1.2.2 TRANSACTION-SPECIFIC
REQUIREMENTS TAX NEUTRALITY IN CASE OF OTHER TAXES 15.8.1.3.1 PROPERTY
TAXES 15.8.1.3.2 WITHHOLDING TAX 15.8.1.3.3 STAMP DUTIES 15.8.1.3.4
VALUE ADDED TAX (VAT) PRINCIPLE OF TAX NEUTRALITY MERGER OF AFFILIATED
COMPANIES ABSORBING SUBSIDIARIES MERAER BETWEEN NARENT COMOANV AND XXVII
412 412 412 413 415 415 415 415 416 416 416 417 417 SUBSIDIARIES 418
15.8.2.5 MERGER WITH A COMPANY IN LIQUIDATION 418 15.8.2.6 EMIGRATION
MERGER 418 15.8.2.7 RESTRUCTURING MERGER 419 15.8.3 DEMERGER 419 15.8.4
TRANSFORMATION 419 15.8.4.1 GENERAL REMARKS 419 15.8.4.2 TRANSFORMATION
OF A GENERAL OR LIMITED PARTNERSHIP INTO A COMPANY LIMITED BY SHARES 420
15.8.4.3 TRANSFORMATION OF A COMPANY LIMITED BY SHARES INTO A DIFFERENT
LEGAL ENTITY 420 15.8.5 TRANSFER OF ASSETS AND LIABILITIES 420 15.8.5.1
MERGER, DEMERGER AND TRANSFORMATION THROUGH TRANSFER OF ASSETS AND
LIABILITIES 420 15.8.5.2 TRANSFORMATION» THROUGH TRANSFER OF ASSETS AND
LIABILITIES 421 15.8.5.3 TRANSFER OF ASSETS AND LIABILITIES TO A
SUBSIDIARY 421 15.8.5.4 TRANSFER OF ASSETS AND LIABILITIES WITHIN THE
GROUP OF COMPANIES 421 15.9 ASPECTS OF INTERNATIONAL TAX LAW 422 15.9.1
GENERAL REMARKS 422 15.9.2 DOUBLE TAXATION TREATIES (DTTS) 422 15.9.2.1
GENERAL REMARKS 422 15.9.2.2 FUNCTION 423 15.9.3 TAXATION OF
SWISS-RESIDENT COMPANIES WITH A FOREIGN INVOLVEMENT 424 XXVIII TABLE OF
CONTENTS 15.9.3.1 GENERAL REMARKS 424 15.9.3.2 TYPES OF FOREIGN
INVOLVEMENT 424 15.9.3.2.1 GENERAL REMARKS 424 15.9.3.2.2 PERMANENT
ESTABLISHMENT 425 15.9.3.2.3 CAPITAL INVESTMENTS ABROAD 426 15.9.3.3
MEASURES TO COUNTER ABUSE 426 15.10 CORPORATE TAX REFORM II 427 15.10.1
GENERAL REMARKS 427 15.10.2 MEASURES FOR SHAREHOLDERS 427 15.10.3
MEASURES FOR COMPANIES 428 PART II ENGLISH TRANSLATION OF THE PROVISIONS
OF THE SWISS CODE OF OBLIGATIONS GOVERNING THE COMPANY LIMITED BY SHARES
(CO 620-763) 431 ANNEX ENGLISH TRANSLATION OF THE AMENDMENTS TO THE LAW
ON THE COMPANY LIMITED BY SHARES AS PART OF THE REVISED LAW ON THE
LIMITED LIABILITY COMPANY (D-CO; ENTERING INTO FORCE ON 1 JANUARY 2008)
491 INDEX 507 |
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| author | Bauen, Marc Bernet, Robert |
| author_GND | (DE-588)121190277 (DE-588)12012095X |
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| geographic | Schweiz - Aktiengesellschaft swd Schweiz |
| geographic_facet | Schweiz - Aktiengesellschaft Schweiz |
| id | DE-604.BV035017074 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T21:45:48Z |
| indexdate | 2024-07-09T21:20:17Z |
| institution | BVB |
| isbn | 9782802724407 9783725553860 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016686222 |
| oclc_num | 191658612 |
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| owner_facet | DE-19 DE-BY-UBM |
| physical | XXXVI, 519 S. |
| publishDate | 2007 |
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| publisher | Bruylant |
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| spelling | Bauen, Marc Verfasser (DE-588)121190277 aut Swiss company limited by shares company law, merger law, stock exchange law, tax law Marc Bauen, Robert Bernet Bruxelles [u.a.] Bruylant 2007 XXXVI, 519 S. txt rdacontent n rdamedia nc rdacarrier Includes English translations of the Provisions of the Swiss Code of Obligations governing the Company Limited by Shares (CO 620-763) and Amendments to the Law on the Company Limited by Shares as part of the Revised Law on the Limited Libbility Company (D-CO; entering into force on 1 January 2008) Corporation law / Switzerland Consolidation and merger of corporations / Switzerland Stock exchanges / Law and legislation / Switzerland Taxation / Law and legislation / Switzerland Aktiengesellschaft - Schweiz swd Recht Steuer Consolidation and merger of corporations Switzerland Corporation law Switzerland Stock exchanges Law and legislation Switzerland Taxation Law and legislation Switzerland Schweiz - Aktiengesellschaft swd Schweiz Bernet, Robert Verfasser (DE-588)12012095X aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016686222&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bauen, Marc Bernet, Robert Swiss company limited by shares company law, merger law, stock exchange law, tax law Corporation law / Switzerland Consolidation and merger of corporations / Switzerland Stock exchanges / Law and legislation / Switzerland Taxation / Law and legislation / Switzerland Aktiengesellschaft - Schweiz swd Recht Steuer Consolidation and merger of corporations Switzerland Corporation law Switzerland Stock exchanges Law and legislation Switzerland Taxation Law and legislation Switzerland |
| title | Swiss company limited by shares company law, merger law, stock exchange law, tax law |
| title_auth | Swiss company limited by shares company law, merger law, stock exchange law, tax law |
| title_exact_search | Swiss company limited by shares company law, merger law, stock exchange law, tax law |
| title_exact_search_txtP | Swiss company limited by shares company law, merger law, stock exchange law, tax law |
| title_full | Swiss company limited by shares company law, merger law, stock exchange law, tax law Marc Bauen, Robert Bernet |
| title_fullStr | Swiss company limited by shares company law, merger law, stock exchange law, tax law Marc Bauen, Robert Bernet |
| title_full_unstemmed | Swiss company limited by shares company law, merger law, stock exchange law, tax law Marc Bauen, Robert Bernet |
| title_short | Swiss company limited by shares |
| title_sort | swiss company limited by shares company law merger law stock exchange law tax law |
| title_sub | company law, merger law, stock exchange law, tax law |
| topic | Corporation law / Switzerland Consolidation and merger of corporations / Switzerland Stock exchanges / Law and legislation / Switzerland Taxation / Law and legislation / Switzerland Aktiengesellschaft - Schweiz swd Recht Steuer Consolidation and merger of corporations Switzerland Corporation law Switzerland Stock exchanges Law and legislation Switzerland Taxation Law and legislation Switzerland |
| topic_facet | Corporation law / Switzerland Consolidation and merger of corporations / Switzerland Stock exchanges / Law and legislation / Switzerland Taxation / Law and legislation / Switzerland Aktiengesellschaft - Schweiz Recht Steuer Consolidation and merger of corporations Switzerland Corporation law Switzerland Stock exchanges Law and legislation Switzerland Taxation Law and legislation Switzerland Schweiz - Aktiengesellschaft Schweiz |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016686222&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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