(15)In some Member States, the rules or instruments of incorporation typically determine the purpose of the company or the fund, its registered office, its general meetings, the powers of the board of directors and other details pertaining to the setup of the legal entity, but not the policies or procedures implemented by a third party, such as the AIFM managing the fund. Furthermore, inserting all those details in the rules or instruments of incorporation of an ELTIF in certain cases would not be possible, in particular in the case of umbrella funds with various diverging sub-funds.