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Art. 16. Corporate Signature. Vis-à-vis third parties, the Company is validly bound
by the joint signature of any two directors or by the joint or single signature of any
person(s) to whom authority has been delegated by the Board of Directors.
Art. 17. Delegation of Powers. The Board of Directors may delegate its powers to
conduct the daily management of the Company (including the power to act as
authorised signatory for the Company) and its powers to carry out acts in furtherance
of the corporate policy and purpose, to one or more individual or legal entities, who
need not be members of the Board of Directors, who will have the powers determined
by the Board of Directors and who may, if the Board of Directors so authorises,
sub-delegate their powers.
The Company will conclude, as described in detail in the sales documents, an
agreement with a management company (the "Management Company") who will
provide advice and consultation on the Company's investment policy in accordance
with Article 18 of these Articles of Incorporation. As part of the daily investment
policy and under the overall supervision of the Board of Directors, the Management
Company may, in accordance with a written agreement, take decisions regarding the
acquisition and sale of securities and other assets of the Company.
In the event of the termination of said agreement under any conditions, the Company
will change its name to a name not resembling the one specified in Article 1 of these
Articles of Incorporation.
The Board of Directors may also confer special powers of attorney by notarial or
private proxy.
Art. 18. Investment Policies and Restrictions. The Board of Directors may, in
accordance with the principle of risk diversification, determine the investment policies
of each subfund, the hedging strategy to be applied to specific classes of shares within
a subfund, and the course of conduct of the management and business affairs of the
Company, all within the restrictions to be set forth by the Board of Directors in
compliance with applicable laws and regulatory provisions.
1. Under these investment restrictions, the Board of Directors may decide to invest in
the following assets; the Board of Directors may also decide to exclude investments
in certain assets:
a) Securities and money-market instruments that
are traded on a stock exchange or another regulated market of an EU member
state or of a third country, which operates regularly and is recognised and
open to the public; or
are offered within the scope of initial public offerings, the issuing terms of
which include the obligation to apply for admission to official listing on a
stock exchange or in another regulated market as defined in the first bullet
point, and the admission of which is obtained no later than one year after the
issue.
Money-market instruments are investments that are normally traded on the
money market that are liquid and whose value can be determined precisely at
any time.
b) Units of Undertakings for Collective Investment in Securities ("UCITS") in
accordance with Directive 85/611/EEC or other Undertakings for Collective
Investment ("UCI") as defined by Article 1 Para. 2, first and second bullet point
of Directive 85/611/EEC with registered offices in a member state of the
European Union or a third country, if
NEUTROV - D05 pagina 17 di 65 stampata in data: 17/04/2008 **/**/****
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