Basic Law: Financial Affairs

Article 72:

(a) The law shall determine the management of State revenues, and the procedures of their delivery to the State Treasury.

(b) Revenues shall be accounted for and expended in accordance with the procedures stated on the law.

Article 73:

No obligation shall be made to pay funds from the State Treasury except in accordance with the provisions of the budget. Should the provisions of the budget not suffice for paying such funds, a Royal Decree shall be issued for their payment.

Article 74:

State property may not be sold, leased or otherwise disposed of except in accordance with the law.

Article 75:

The regulations shall define the provisions governing legal tender and banks, as well as standards, measures and weights.

Article 76:

The law shall determine the State's fiscal year. The budget shall be issued by a Royal Decree which shall spell out revenue and expenditure estimates for the year. The budget shall be issued at least one month before the beginning of the fiscal year. If, owing to overpowering reasons, the budget is not issued on time and the new fiscal year has not yet started, the validity of the old budget shall be extended until a new budget has been issued.

Article 77:

The concerned authority shall prepare the State's final accounts for the expired fiscal year and shall submit it to the Prime Minister.

Article 78:

The budgets and final accounts of corporate authorities shall be subject to the same provisions applied to the State budget and its final accounts.

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