434 OfficialJournaloftheEuropeanCommunities
25.9.68 OfficialJournaloftheEuropeanCommunities NoL234/1
REGULATION (EEC)No1471/68OFTHECOUNCIL
of24September1968
onstoragecontractsforoliveoil
visionshouldbemadeforoiltoberemovedfrom
storageassoonasthisismadenecessarybythe
marketsituationandthelevelofprices;
HASADOPTEDTHISREGULATION :
Article1
1.Wherethemarketsituationandtheleveland
trendofpricesintheCommunitymakethisnecessary,
adecisionshallbetakeninaccordancewiththe
procedurelaiddowninArticle38ofRegulationNo
136/66/EECallowinginterventionagenciestopro­
posethatstoragecontractsbeconcludedovera
periodstilltobedetermined .
2.Storagecontractsshallbeconcluded,without
discrimination ,withthoseholdersofoliveoilwho
applyforthemandfulfilcertainconditions .
Suchcontractsshallbeconcludedonlyinrespectof
oilsofqualitiesacceptableforintervention .THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingthe
EuropeanEconomicCommunity ;
HavingregardtoCouncilRegulationNo136/66/
EEC1of22September1966ontheestablishment of
acommonorganisationofthemarketinoilsand
fats,andinparticularArticle11(2)thereof;
HavingregardtotheproposalfromtheCom­
mission;
WhereasArticle11(2)ofRegulationNo136/66/EEC
providesthattheCouncilshalladoptprovisions
underwhichinterventionagencieswouldbefreeto
concludestoragecontractsforCommunityoliveoil
withaviewtostabilisingthemarketduringthe
marketingyear;
Whereasprovisionshouldbemadeforthepossi­
bility*ofstoragecontractsbeingconcludedovera
givenperiodassoonasthemarketsituationmakes
itnecessary;
Whereas,withaviewtosimplifyingnormaladmini­
strationofthestoragecontractsystem,provision
shouldbemadeforfixingaminimumquantity
belowwhichtheinterventionagencymaynotcon­
cludecontracts;whereassuchcontractsmustbe
concludedforaperiodwhichdoesnotexceedthe
lengthoftimenormallyneededtoreducetheeffect
onthemarketofseasonalvariationsinsupplyand
demand;
Whereas,toencouragetheconclusionofstorage
contracts,provisionshouldbemadeforthepayment
ofapremium,fixedinaccordancewithArticle11
(5)ofRegulationNo136/66/EEC,tothoseplacing
theiroilinstore;
Whereasthemarketcanbestabilisedifoilcovered
bycontractsisnotofferedforsaleduringthe
validityofsuchcontracts;whereas,however,pro­Article2
Storagecontractsshallbeconcludedforlotsofa
minimumquantity.
Suchcontractsshallbeconcludedforaperiodwhich
maynotexceedthreemonthsandshallberenewable.
Article3
1.Holdersofoliveoilshallreceiveapremiumwhen
thecontractexpires.
2.Theamountofthepremiumshallbefixedata
levelwhichissufficientlyhightoencourageholders
ofoiltoconcludestoragecontracts.
Article4
1.WithoutprejudicetotheprovisionsofArticle5,
oilshallnotbeofferedforsalewhileitiscovered
byastoragecontract. 1OJNo172,30.9.1966,p.3025/66.

435 OfficialJournaloftheEuropeanCommunities
2.Oilcoveredbyastoragecontractshallonlybe
subjectedtosuchhandlingasisnecessarytokeepit
ingoodcondition.38ofRegulationNo136/66/EEContheconditions
underwhichinterventionagenciesmayauthorisethe
withdrawalfromstorageofoilcoveredbycontracts.
Article5 Article6
Wherethemarketsituationandthelevelofprices
makethisnecessary,adecisionshallbetakenin
accordancewiththeprocedurelaiddowninArticleThisRegulationshallenterintoforceonthethird
dayfollowingitspublicationintheOfficialJournal
oftheEuropeanCommunities .
ThisReulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,24September1968.
FortheCouncil
ThePresident
G.SEDATI