# Commission Regulation (EC) No 2640/98 of 9 December 1998 laying down detailed rules of application for the importation of olive oil originating in Tunisia, Article 3

Extent: E+W+S+N.I.

1. Import licences as provided for in Article 1(2) shall be valid for 60 days from the date of issue within the meaning of Article 21(2) of Regulation (EEC) No 3719/88, which may take place until 31 October 1999.
Licences shall be issued no later than the first working day following that on which authorisation to that end is given by the Commission.
The security for import licences shall be ECU 15 per 100 kilograms net.
2. If the import licence is not used within the time limit laid down, the security shall be forfeit. However, each part of a day counting as a full day:
if the licence is returned to the issuing agency within the period corresponding to the first two-thirds of its validity, the security forfeit shall be reduced by 40 %,
if the licence is returned to the issuing agency within the period corresponding to the last third of its validity, or within 15 days of its expiry, the security forfeit shall be reduced by 25 %.
3. Notwithstanding the restrictions on quantity in Article 1, the quantities on licences returned in accordance with paragraph 2 can be reallocated. The competent national authorities shall notify the Commission each Wednesday of the quantities for which licences have been returned in the preceding seven days.

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Source: https://www.legislation.gov.uk/eur/1998/2640/article/3 (the official version)
Page: https://openlegislation.uk/eu-regulation-1998-2640/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.