Principality of Monaco

Supreme Ordinance no. 1972 of 24^th March 1959

Article One

A department responsible for the General Control of Finances has been set up within the Ministry of State, under the responsibility of our Minister of State.

Article two

The General Controller of Finances is in charge of:

• controlling the commitment, the order and the payment of public expenses
• controlling public receipts
• controlling the closing of budgetary accounts
• controlling the investment of public funds and financial transactions.

Moreover the General Controller gives a counsel's opinion on any bill, drafted ordinance or statute, or any draft for a concession or contract, and in general on any measure which could have a financial consequence.

Article three

The control as defined above, concerns the administrative departments of the State and of district council, and the public independent establishments. It affects the foundations, associations, companies or firms of any kind which benefit from subsidies or any other financial advantage given by the State.

Our Minister of state determines the terms and conditions of this control and will define how it should be enforced.

Article four

No payment can be undertaken by a public accountant if the expense or more generally the transaction leading to this payment has not been submitted beforehand to the general Controller's control.

Article six

Our Secretary of state, our Director of the Legal Department and our Minister of State are in charge of the promulgation and the enforcement of this ordinance in their respected areas.