CELEX: 31968R1471
Language: en
Date: 1968-09-24 00:00:00
Title: Regulation (EEC) No 1471/68 of the Council of 24 September 1968 on storage contracts for olive oil

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
(5 ) of Regulation No 136/66/EEC, to those placing              2. The amount of the premium shall be fixed at a
their oil in store ;                                            level which is sufficiently high to encourage holders
                                                                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.
 ---pagebreak---                                 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.
                      Article 5                                                   Article 6
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