Article 48
Operations requiring authorisation 1. An SCE's statutes shall list the categories of transactions requiring: - under the two-tier system, authorisation from the supervisory organ or the general meeting to the management organ, - under the one-tier system, an express decision adopted by the administrative organ or authorisation from the general meeting. 2. Paragraph 1 shall apply without prejudice to Article 47. 3. However, a Member State may determine the minimum categories of transactions and the organ which shall give the authorisation which must feature in the statutes of SCEs registered in its territory and/or provide that, under the two-tier system, the supervisory organ may itself determine which categories of transactions are to be subject to authorisation.