Development fund for overseas States and Territories

Abstract

The treaty of Rome and the convention for implementation, which are analyzed in the note on the impact of the European Economic Community on African trade, specify only a few principles with regard to the development fund. Three regulations laid down by the council of the EEC under article 6 of the convention for implementation determine the current operation of the fund. These are regulation No.5, establishing the methods to be used in connection with claims and transfers of financial contributions, the budgetary system and the management of the resources of the development fund for overseas states and territories; regulation No. 6, concerning the responsibilities of the administrators and accountants for the resources of the fund; and regulation No. 7 determining the method of operation of the fund. These regulations are dated 2 and 3 December 1958 and 23 February 1959, respectively.