Division Three: Commercial Enterprises and the Cooperative278
Twenty-Sixth title:295 The Company Limited by Shares
Section One: General Provisions
C. Shares
I. Types

Art. 622

1 The shares may be either registered or bearer shares. They may be issued in the form of negotiable securities. The articles of association may stipulate that they may be issued as uncertificated or ledger-based securities in accordance with Article 973_c_ or 973_d_, or as intermediated securities in accordance with the Intermediated Securities Act (FISA) of 3 October 2008[298](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18274).[299](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18283) 

1bis Bearer shares are permitted only if the company has equity securities listed on a stock exchange or if the bearer shares are organised as intermediated securities in accordance with the FISA and are deposited with a custodian in Switzerland designated by the company or entered in the main register.[300](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18301) 

2 Shares of both types may exist at the same time in a ratio fixed by the articles of association.

2bis A company with bearer shares must arrange for an entry to be made in the Commercial Register as to whether it has equity securities listed on a stock exchange or its bearer shares are organised as intermediated securities.[301](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18332) 

2ter If all the equity securities are delisted, the company must within six months either convert the existing bearer shares into registered shares or organise them as intermediated securities.[302](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18350) 

3 Registered shares may be converted into bearer shares and bearer shares into registered shares.[303](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18368) 

4 The shares shall have a nominal value that is greater than zero.[304](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18391) 

5 If share certificates are issued, they must be signed by at least one member of the board of directors.[305](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fn-d8e18414) 

[298](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18274) [SR **957.1**](eli/cc/2009/450/en) 

[299](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18283) Amended by No I 1 of the FA of 25\. Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Feb. 2021 ([AS **2021** 33](eli/oc/2021/33/en);[BBl **2020** 233](eli/fga/2020/16/en)).

[300](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18301) Inserted by No I 1 of the FA of 21 June 2019 on the Implementation of the Recommendations of the Global Forum on Transparency and the Exchange of Information for Tax Purposes ([AS **2019** 3161](eli/oc/2019/583/en);[BBl **2019** 279](eli/fga/2019/18/en)). Amended by No I 1 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Feb. 2021 ([AS **2021** 33](eli/oc/2021/33/en);[BBl **2020** 233](eli/fga/2020/16/en)).

[301](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18332) Inserted by No I 1 of the FA of 21 June 2019 on the Implementation of the Recommendations of the Global Forum on Transparency and the Exchange of Information for Tax Purposes, in force since 1 Nov. 2019 ([AS **2019** 3161](eli/oc/2019/583/en);[BBl **2019** 279](eli/fga/2019/18/en)).

[302](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18350) Inserted by No I 1 of the FA of 21 June 2019 on the Implementation of the Recommendations of the Global Forum on Transparency and the Exchange of Information for Tax Purposes, in force since 1 Nov. 2019 ([AS **2019** 3161](eli/oc/2019/583/en);[BBl **2019** 279](eli/fga/2019/18/en)).

[303](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18368) Amended by No I of the FA of 19 June 2020 (Company Law), in force since 1 Jan. 2023 ([AS **2020** 4005](eli/oc/2020/746/en); [**2022** 109](eli/oc/2022/109/en);[BBl **2017** 399](eli/fga/2017/112/en)).

[304](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18391) Amended by No I of the FA of 19 June 2020 (Company Law), in force since 1 Jan. 2023 ([AS **2020** 4005](eli/oc/2020/746/en); [**2022** 109](eli/oc/2022/109/en);[BBl **2017** 399](eli/fga/2017/112/en)).

[305](https://www.fedlex.admin.ch/eli/cc/27/317%5F321%5F377/en#fnbck-d8e18414) Amended by No I of the FA of 19 June 2020 (Company Law), in force since 1 Jan. 2023 ([AS **2020** 4005](eli/oc/2020/746/en); [**2022** 109](eli/oc/2022/109/en);[BBl **2017** 399](eli/fga/2017/112/en)).