TITLE IV

General provisions

Article76

( Article repealed by the second paragraph of Article 28 of the Merger Treaty )

[ See Merger Treaty, first paragraph of Article 28, which reads as follows:

The European Communities shall enjoy in the territories of the Member States such privileges  and immunities as are necessary for the performance of their tasks, under the conditions laid  down in the Protocol annexed to this Treaty. The same shall apply to the European Investment  Bank .]

Article 77

The seat of the institutions of the Community will be determined by common accord of the  governments of the Member States.

Article 78 ( * ) ( ** )

( * ) As amended by Article 2 of the Treaty amending Certain Financial Provisions.

1. The financial year shall run from 1 January to 31 December.

The administrative expenditure of the Community shall comprise the expenditure of the  Commission, including that relating to the functioning of the Consultative Committee, and  that of the European Parliament, the Council, and of the Court of Justice.

2. Each institution of the Community shall, before 1 July, draw up estimates of its  administrative expenditure. The Commission shall consolidate these estimates in a  preliminary draft administrative budget.  It shall attach thereto an opinion which may contain  different estimates.

The preliminary draft budget shall contain an estimate of revenue and an estimate of  expenditure.

3. The Commission shall place the preliminary draft administrative budget before the Council  not later than 1 September of the year preceding that in which the budget is to be  implemented.

The Council shall consult the Commission and, where appropriate, the other institutions  concerned whenever it intends to depart from the preliminary draft budget.

The Council shall, acting by a qualified majority, establish the draft administrative budget and  forward it to the European Parliament.

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