Commentaries: Art. 51

The board of directors consists of at least three but no more than seven members.
The articles of association may authorise the board of directors to transfer management and representation in full or in part to individual members or third parties in accordance with the organizational regulations.
The persons holding executive powers at the SICAV and custodian bank must be independent of the other party.
The board of directors fulfils the duties associated with the offering of financial instruments under Title 3 of the FinSA¹.²
The administration of a SICAV may be delegated only to an authorised fund management company in accordance with Article 32 FinIA³that has authorisation.⁴
Unless otherwise provided for by the Federal Council, in all other respects, the provisions of the Code of Obligations⁵regarding the board of directors of companies limited by shares apply.⁶

SR 950.1 ↩
Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩
SR 954.1 ↩
Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
SR 220 ↩
Amended by Annex No 14 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205;BBl 2006 2829). ↩

Art. 51