Draft Treaty establishing the European Union

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Part Five THE FINANCES OF THE UNION

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Article 77 Provisional twelfths

Article 77 Provisional twelfths

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Where the budget has not been adopted by the beginning of the financial year, expenditure may be effected on a monthly basis, under the conditions laid down in the Financial Regulation, up to a maximum of one-twelfth of the appropriations entered in the budget of the preceding financial year, account being taken of any supplementary and amending budgets.

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At the end of the sixth month following the beginning of the financial year, the Commission may only effect expenditure to enable the Union to comply with its existing obligations.

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