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Article 48

An SE's statutes shall list the categories of transactions which require authorisation of the management organ by the supervisory organ in the two-tier system or an express decision by the administrative organ in the one-tier system. A Member State may, however, provide that in the two-tier system the supervisory organ may itself make certain categories of transactions subject to authorisation. A Member State may determine the categories of transactions which must at least be indicated in the statutes of SEs registered within its territory.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-01 · Text as adopted (Official Journal); later amendments are not incorporated in this text.