31968R1471

434 Official Journal of the European Communities

25.9.68 Official Journal of the European Communities No L 234/ 1

REGULATION (EEC) No 1471/68 OF THE COUNCIL of 24 September 1968

on storage contracts for olive oil

THE COUNCIL OF THE EUROPEAN COMMUNITIES , vision should be made for oil to be removed from storage as soon as this is made necessary by the market situation and the level of prices ; Having regard to the Treaty establishing the European Economic Community ;

HAS ADOPTED THIS REGULATION : Having regard to Council Regulation No 136/66/ EEC1 of 22 September 1966 on the establishment of a common organisation of the market in oils and fats, and in particular Article 11 (2) thereof; Article 1

1 . Where the market situation and the level and Having regard to the proposal from the Com­ trend of prices in the Community make this necessary, mission ; a decision shall be taken in accordance with the procedure laid down in Article 38 of Regulation No Whereas Article 11 (2) of Regulation No 136/66/EEC 136/66/EEC allowing intervention agencies to pro­ provides that the Council shall adopt provisions pose that storage contracts be concluded over a under which intervention agencies would be free to period still to be determined. conclude storage contracts for Community olive oil with a view to stabilising the market during the 2. Storage contracts shall be concluded, without marketing year; discrimination, with those holders of olive oil who apply for them and fulfil certain conditions. Whereas provision should be made for the possi­ bility *of storage contracts being concluded over a Such contracts shall be concluded only in respect of given period as soon as the market situation makes oils of qualities acceptable for intervention. it necessary ; Article 2 Whereas, with a view to simplifying normal admini­ stration of the storage contract system, provision Storage contracts shall be concluded for lots of a should be made for fixing a minimum quantity minimum quantity. below which the intervention agency may not con­ clude contracts ; whereas such contracts must be Such contracts shall be concluded for a period which concluded for a period which does not exceed the may not exceed three months and shall be renewable. length of time normally needed to reduce the effect on the market of seasonal variations in supply and Article 3 demand ; 1 . Holders of olive oil shall receive a premium when Whereas, to encourage the conclusion of storage the contract expires. contracts, provision should be made for the payment of a premium, fixed in accordance with Article 11 2. The amount of the premium shall be fixed at a (5 ) of Regulation No 136/66/EEC, to those placing level which is sufficiently high to encourage holders their oil in store ; of oil to conclude storage contracts . Whereas the market can be stabilised if oil covered by contracts is not offered for sale during the Article 4 validity of such contracts ; whereas, however, pro­ 1 . Without prejudice to the provisions of Article 5, oil shall not be offered for sale while it is covered 1 OJ No 172 , 30.9.1966, p. 3025/66. by a storage contract.

Official Journal of the European Communities 435

2. Oil covered by a storage contract shall only be 38 of Regulation No 136/66/EEC on the conditions subjected to such handling as is necessary to keep it under which intervention agencies may authorise the in good condition. withdrawal from storage of oil covered by contracts.

Article5¶

Where the market situation and the level of prices This Regulation shall enter into force on the third make this necessary, a decision shall be taken in day following its publication in the Official Journal accordance with the procedure laid down in Article of the European Communities.

This Reulation shall be binding in its entirety and directly applicable in all Member States .

Done at Brussels, 24 September 1968 .

For the Council

The President

G. SEDATI