Das Kapitalband im neuen Aktienrecht
Flexibilisierung der Kapitalveränderung durch Art. 653s–653v revOR
On June 19, 2020, the National Council and the Council of States adopted the revision of the Swiss law on companies limited by shares. This article deals with the capital band («Kapitalband») that introduces the possibility for shareholders to authorize the board of directors to increase and reduce the share capital without previous resolution by the general meeting.
In line with an international trend, the revision should bring more flexibility and simplification with regard to the share capital of Swiss companies, ultimately coming near to the authorized capital of the US-law. The paper initially highlights the necessity of a flexible regulation of the share capital considering the modern Corporate Finance of firms. Then, it analyses the singles norms of the new regulation in light of the company self and the position of shareholders and stakeholders, in particular of minority shareholders and creditors. It appreciates the revision as a positive development of the Swiss law on…
