French Commercial code
In forceIf, before 1 January, the establishment has not adopted a primary budget by the required majority, or if the primary budget has not been approved by the supervisory authority, the chairman may, using as a reference the primary budget or the last amending budget approved by the supervisory authority for the previous year, less a percentage of the amount of revenue and expenditure amounting to 5%, levy revenue and mandate expenditure under the following conditions:
1° Until the approval of the establishment's budget, collect revenue and commit, liquidate and mandate operating expenditure up to the limit of that entered in the initial budget or, where applicable, in the amending budgets for the previous year;
2° Mandate expenditure relating to the capital repayment of annual debt repayments falling due before the approval of the budget ;
3° Until the budget is approved, if this takes place before 31 March, and after deliberation by the general meeting, commit, liquidate and mandate investment expenditure, up to a limit of one quarter of the appropriations opened in the budget for the previous financial year, not including appropriations relating to the repayment of the debt ;
4° After 31 March and until the budget is approved, if the supervisory authority so authorises and by resolution of the general meeting, commit, settle and mandate capital expenditure, excluding appropriations relating to debt repayment. The aforementioned authorisation specifies the amount and allocation of the appropriations.
The appropriations mentioned in 1°, 2°, 3° and 4° are entered in the budget when it is adopted. The treasurer pays the mandates and collects the receipts under the above conditions.
