Council Regulation (EEC) No 474/77 of 8 March 1977 on the use of a separate heading in the Communities' budget for the financial effect of the different conversion rates applied for measures financed by the Guarantee Section of the EAGGF

• CELEX: Regulation (EEC) No 474/77
• Articles: 2

Article 1

1. When the Communities' budget provides for a separate entry for the financial effect of applying, on the one hand, the representative rates to convert into national currencies amounts resulting from operations financed by the Guarantee Section of the EAGGF and, on the other hand, the budgetary rates to convert expenditure expressed in national currencies, the entries shall be made in accordance with a method to be adopted following the procedure laid down in Article 13 of Regulation (EEC) No 729/70.

2. The method referred to in paragraph 1 shall, in the case of each Member State, take account inter alia for the budgetary rate, the various representative rates, the period of their application and the customary period of payment.

Article 2

This Regulation shall enter into force on the third day following its publication in the Official Journal of the European Communities.

It shall apply with effect from 1 January 1977.

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

Done at Brussels, 8 March 1977.

For the Council

The President

D. OWEN (1)OJ No C 57, 7.3.1977, p. 61. (2)OJ No L 94, 28.4.1970, p. 13. (3)OJ No L 295, 30.12.1972, p. 1.