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( 1 ) OJ NO L 96 , 23 . 4 . 1972 , P . 1 .

( 2 ) OJ NO L 120 , 13 . 5 . 1977 , P . 21 .

( 3 ) OJ NO L 108 , 26 . 4 . 1976 , P . 39 .

COUNCIL DECISION

OF 24 OCTOBER 1977

AMENDING DECISION 76/402/EEC ON THE LEVEL OF INTEREST RATE SUBSIDY , PROVIDED FOR BY DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY , FOR THE PURPOSES OF CORRECTING DECISION 77/343/EEC

( 77/681/EEC )

THE COUNCIL OF THE EUROPEAN

COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY ,

HAVING REGARD TO COUNCIL DIRECTIVE 72/159/EEC OF 17 APRIL 1972 ON THE MODERNIZATION OF FARMS ( 1 ), AND IN PARTICULAR THE SECOND SUBPARAGRAPH OF ARTICLE 8 ( 2 ) THEREOF ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ,

WHEREAS A CLOSE EXAMINATION HAS SHOWN THAT AN ERROR OCCURRED IN COUNCIL DECISION 77/343/EEC OF 25 APRIL 1977 AMENDING DECISION 76/402/EEC ON THE LEVEL OF INTEREST RATE SUBSIDY , PROVIDED FOR BY DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY ( 2 ); WHEREAS THIS ERROR , WHICH CONCERNS THE AREAS FOR WHICH THE SAID LEVEL MAY BE INCREASED , MUST BE CORRECTED ,

HAS ADOPTED THIS DECISION :

ARTICLE 1

ARTICLE 1 OF COUNCIL DECISION 76/402/EEC OF 6 APRIL 1976 ON THE LEVEL OF INTEREST RATE SUBSIDY , PROVIDED FOR BY DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY ( 3 ) SHALL , WITH EFFECT FROM 7 DECEMBER 1976 , BE REPLACED BY THE FOLLOWING :

' ARTICLE 1

THE ITALIAN REPUBLIC IS HEREBY AUTHORIZED TO INCREASE THE INTEREST RATE SUBSIDY PROVIDED FOR IN THE FIRST SUBPARAGRAPH OF ARTICLE 8 ( 2 ) OF DIRECTIVE 72/159/EEC TO :

- 12 % IN THE AREAS LAID DOWN WITHIN THE MEANING OF DIRECTIVE 75/268/EEC ;

- 11 % IN THE MEZZOGIORNO AND THE LESS-FAVOURED REGIONS OF CENTRAL AND NORTHERN ITALY , OTHER THAN THE AREAS REFERRED TO IN THE FIRST INDENT ;

- 9 % FOR THE OTHER REGIONS . '

ARTICLE 2

THIS DECISION IS ADDRESSED TO THE ITALIAN REPUBLIC .

DONE AT LUXEMBOURG , 24 OCTOBER 1977 .

FOR THE COUNCIL

THE PRESIDENT

A . HUMBLET