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d) if for other reasons the prices for assets of the Company attributable to the subfund
in question or to a certain share class cannot be determined rapidly or precisely; or
e) during a period in which it is not possible for the Company to repatriate the
necessary funds for the redemption of shares, or in which the transfer of funds
from the sale or for the acquisition of investments or for payments resulting from
redemptions of shares cannot be carried out, in the view of the Board of Directors,
at normal exchange rates; or
f) from the time of the announcement of a call by investors for an extraordinary
meeting of shareholders for the purpose of liquidating the Company, a subfund or a
share class, or for the purpose of carrying out a merger of the Company, a subfund
or a share class, or for the purpose of informing investors of the decision by the
Board of Directors to liquidate subfunds or share classes or for the purpose of
merging subfunds or share classes; or
g) during any period in which the valuation of the currency hedges of subfunds or
share classes whose respective investment objectives and policies make hedging of
currencies at the share class or subfund level desirable cannot be adequately carried
out or cannot be carried out at all.
Appropriate notice of any such suspension considered necessary will be published by
the Company. The Company may notify shareholders applying for subscription,
conversion, or redemption of shares for which the calculation of net asset value has
been suspended.
Any such suspension in a share class has no effect on the calculation of the net asset
value per share, or the issue, redemption or conversion of shares of other share
classes.
Title III. - Management and Supervision
Art. 13. Board of Directors. The Company will be managed by a Board of Directors
composed of not less than three members, who need not be shareholders of the
Company. They will be elected for a term not exceeding six years. The Board of
Directors will be elected by the shareholders at the general meeting of shareholders at
which the number of directors, their remuneration and term of office will also be
determined.
Members of the Board of Directors are selected by a majority vote of the shares
present or represented at such meeting.
Any member of the Board of Directors may be removed with or without cause or
replaced at any time by a resolution adopted by the general meeting.
In the event of a vacancy in the office of a member of the Board of Directors, the
remaining directors may temporarily fill such vacancy; the shareholders will take a
final decision regarding such nomination at their next general meeting.
Art. 14. Board Meetings. The Board of Directors will choose a chairman from among
its members. It may choose a secretary, who need not be a director, who will write
and keep the minutes of the meetings of the Board of Directors and of the
shareholders. The Board of Directors shall meet upon call by the chairman or any two
directors, at the place indicated in the notice of meeting.
The chairman of the Board of Directors presides at the board meetings and the general
meetings of shareholders. In his absence, the shareholders or the members of the
Board of Directors may decide by a majority vote that another director, or in case of a
shareholders' meeting, another person will chair such meetings.
NEUTROV - D05 pagina 15 di 65 stampata in data: 17/04/2008 **/**/****
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