Transactions requiring consent

(1) The AIF capital management company may carry out the following transactions in relation to retail AIF only with the consent of the depositary:
1. the raising of loans under sections 199, 221(6), sections 254 and 263(1), insofar as this does not involve foreign-currency overdrafts,
2. the investment of funds of the retail AIF in bank balances at other credit institutions, and dispositions over such bank balances,
3. dispositions over real estate belonging to an open-ended real estate investment fund and over assets within the meaning of section 261(1), point 1, belonging to a closed-ended retail AIF,
4. the encumbrance of the assets named in point 3, and the assignment of claims arising from legal relationships relating to these assets, and
5. dispositions over participations in companies within the meaning of section 1(19), point 22, or section 261(1), point 3, or, where it is not a minority participation, dispositions over assets within the meaning of section 231(1) or section 261(1), point 1, belonging to the assets of these companies, and amendments to the partnership agreement or the articles of association.
(2) The depositary must consent to the transactions under subsection (1) where they satisfy the requirements named there and are consistent with the further provisions of this Act and with the investment conditions. Where it consents to a disposition even though the conditions of the first sentence are not satisfied, this does not affect the validity of the disposition. A disposition made without the consent of the depositary is invalid as against investors. The provisions in favour of persons deriving rights from a person not entitled apply correspondingly.