11951K050

Treaty establishing the European Coal and Steel Community - Title III - Economic and social provisions - Chapter 2 - Financial Provisions - Article 50

1. The levies are intended to cover:

- the administrative expenditure provided for in Article 78;

- the non repayable aid towards readaptation provided for in Article 56;

- in the case of the financing arrangements provided for in Articles 54 and 56, and after recourse to the reserve fund, any portion of the amounts required for servicing loans raised by the Commission which may not be covered by receipts from the servicing of loans granted by it, and any payments to be made under guarantees granted by the Commission on loans contracted directly by undertakings;

- expenditure on the promotion of technical and economic research as provided for in Article 55(2).

2. The levies shall be assessed annually on the various products according to their average value; the rate thereof shall not, however, exceed 1% unless previously authorized by the Council, acting by a two thirdsmajority. The mode of assessment and collection shall be determined by a general decision of the Commission taken after consulting the Council; cumulative imposition shall be avoided as far as possible.

3. The Commission may impose upon undertakings which do not comply with decisions taken by it under this Article surcharges of not more than 5% for each quarter's delay.