  We analyse the angular distributions of the Sigma^0 -->
  Lambda^0 + gamma decay rate in the laboratory and in the rest frame of the
Sigma^0 - hyperon in the dependence on baryon polarizations. We calculate the
dynamical polarization vector of the Lambda^0 - hyperon. Within the Effective
quark model with chiral U(3) x U(3) symmetry (PRC 59, 451 (1999)) we calculate
the transition magnetic moment mu_(Sigma^0 Lambda^0). The theoretical value
mu_(Sigma^0 Lambda^0) = - 1.62, measured in nuclear magnetons, agrees well with
the experimental data |mu^(\exp)_(Sigma^0 Lambda^0)| = (1.61 +/-0.08) and the
theoretical result, predicted within the naive quark model mu_(Sigma^0
Lambda^0) = (\sqrt{3}/4)(mu_(Sigma^-) - mu_(\Sigma^+)) = (- 1.57 +/- 0.01).
