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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.