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Laws and Regulations > The Basic Law Of Government > Chapter Seven
 
Chapter Seven
Financial Affairs
Article 72:
  1. The Law shall include provisions for the State's revenues and their depositing with the General Treasury of the State.
  2. Revenues shall be recorded and spent according to procedures stipulated by provisions of the Law.
Article 73:
No commitment to pay a sum of money from the General Treasury shall be made without adherence to budget rules. If provisions of the budget cannot cover the demand, then a provision shall be made through a Royal Decree.

Article 74:
Assets of the State may not be sold, rented or disposed of unless so authorized by the Law.

Article 75:
Laws shall specify provisions for currency, banks, standards, measures and weights.

Article 76:
The Law shall set the fiscal year for the State. The budget shall be announced according to a Royal Decree. It shall specify assessed amounts of revenue and expenditure one month ahead of the coming fiscal year. If the budget cannot be issued due to compelling reasons before the beginning of the new fiscal year, the budget of the previous year shall remain in force until the new budget can be issued.

Article 77:
The competent department shall prepare the closing account of the State for the past year and forward it to the Prime Minister.

Article 78:
Budgets and closing accounts of departments which have corporate rights, shall be subject to the same procedures which are applicable to the State's budget and closing accounts.

 
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