Federal Act on the Amendment of the Swiss Civil Code (OR)
Zusammenfassung der Rechtsnorm OR:
The Swiss Code of Obligations is a central code of Swiss civil law that regulates the legal relationships between private individuals. It includes five books that cover various aspects of contract law, law of obligations and property law, including the formation, content and termination of contracts, as well as liability for breach of contract and tort. The Code of Obligations is an important code of law for business and everyday life in Switzerland, as it forms the basis for many legal relationships and contracts and has been in force since 1912, whereby it is regularly adapted to social and economic developments.
Art. 1170 OR from 2024
Art. 1170 Admissibility and required majority a. In the case of only one community of creditors
1 A majority of at least two-thirds of the bond capital in circulation is required to pass a valid resolution in connection with the following measures:1. moratorium on interest for up to five years, with the option of extending the moratorium twice for up to five years each time;2. waiver of up to five years’ worth of interest within a seven-year period;3. decrease of the interest rate by up to one-half of the rate envisaged in the bond issue conditions or conversion of a fixed interest rate into a rate dependent on the business results, both measures to last for up to ten years, with the option of an extension for up to five years;4. extension of the redemption time limit by up to ten years by means of a reduction in the annual payment or an increase in the number of the redemption shares or temporary suspension of such payments, with the option of an extension for up to five years;5. suspension of a bond issue now due or maturing within five years or of portions thereof for up to ten years, with the option of an extension for up to five years;6. authorisation of an early redemption of the bond capital;7. granting of a priority lien for new capital raised for the issuing company and changes to the collateral provided for a bond issue or full or partial waiver of such collateral;8. consent to an amendment of the provisions governing restrictions on issues of bonds in relation to the share capital;9. consent to a full or partial conversion of bonds into shares.
2 These measures may be combined.
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