Article 1

Community financing shall be provided for all expenditure, other than administrative expenditure, incurred in respect of the supply of agricultural products by the Community as food aid pursuant to Council Regulations or in fulfilment of obligations arising from conventions and agreements concluded by the Council, which devolves on the Community by vitue of the provisions governing the said supplies.

This system shall apply to the expenditure referred to in the preceding paragraph, effected by Member States as from 1 January 1975.