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 twotier system, the supervisory organ may itself determine which categories of transactions are to be subject to authorisation.