Facts
The Real Estate Investment Company AG (REIC) had established the "World Investment Fund" (WIF) as an international real estate investment fund in 1961. The company Intholding SA had acquired shares in the WIF from Count Chiericati in 1965. On February 1, 1967, the Federal Act on Investment Funds (AFG) entered into force. In February 1969, the REIC decided to dissolve the WIF as of March 1, 1969. Intholding SA then demanded the redemption of its shares as of January 1, 1969, which REIC refused. Intholding SA subsequently filed a lawsuit for payment of the shares.Considerations
The Federal Supreme Court decided that since the entry into force of the AFG, there is no longer any room for deviating regulations or agreements between the investor and the fund management. The investor's free right of revocation under Art. 21 para. 1 AFG may not be restricted. Intholding SA had effectively revoked the collective investment contract on September 15, 1967, so that REIC should have paid out the shares as of January 1, 1969.
The redemption ban under…