Article 48 — Liability and insurance

1. A SEAP shall be liable for its debts. 2. The financial liability of the members of a SEAP for the debts of the SEAP shall be limited to their respective contributions to the SEAP. The members may specify in the statutes of a SEAP that they will assume a fixed liability above their respective contributions or will assume unlimited liability. 3. If the financial liability of its members is limited, the SEAP shall take appropriate insurance to cover the risks specific to the establishment and management of the capability of the SEAP. 4. If decided unanimously by its members, a SEAP may issue securities in accordance with the law of the Member State on the territory of which it has its statutory seat. The SEAP shall be liable for such securities. 5. Any change to the liability regime or any measure affecting the financial liability of the members of a SEAP shall be decided unanimously by those members. 6. The Union shall not be liable for any debt of a SEAP.