Artikel 5

1. The arrangement described in Article 3 shall require the approval of the competent authority of each Contracting Party, which must be applied for in advance in accordance with the procedure laid down in this Article.
2. Applications must be made to the competent authority of the Contracting Party under whose legislation the stockholding obligation arises at least 15 (fifteen) working days before the commencement of the period for which authorisation is sought and must include the following information:
a) its name and address and the name and address of the undertaking established in the State where the stocks are to be held, which is to hold the stocks on its behalf;
b) the category and quantity of the stocks;
c) the period for which the stocks are to be held;
d) the location, if known, of the depot(s) where the stocks are to be held.
3. Where the application is approved by the competent authority of the Contracting Party under whose legislation the stockholding obligation arises (‘‘the first competent authority’’), the latter shall forward to the competent authority of the other Contracting Party (‘‘the second competent authority’’) the information listed in paragraph 2 of this Article no later than 10 (ten) working days before the start of the period for which authorisation was sought and notify it of such approval.
4. The second competent authority shall use all reasonable endeavours to notify the first competent authority whether or not it approves the application no later than 5 (five) working days before the start of the period for which authorisation was sought. In the event that no such notification is received by the first competent authority before the date of commencement of such period, the second competent authority shall be deemed not to have approved the application in question.
5. Notwithstanding the time limits indicated in Article 5 paragraphs 2, 3 and 4, the competent authorities may, if necessary, agree to amend any or all of those time limits.
6. If there is any significant change in the matters regarding which information was supplied in accordance with paragraph 2 of this Article, a further application must be submitted by the applicant.
7. Any acceptance of an application may be withdrawn by either competent authority if any significant inaccuracy is found in the particulars furnished in respect of that acceptance under paragraph 2 of this Article. Before withdrawing an acceptance under this provision the competent authority concerned shall inform the competent authority of the other Contracting Party and afford the undertaking with the stockholding obligation, which had furnished the particulars a reasonable opportunity to make representations.
8. Both undertakings involved consent to disclose to the competent authorities any information obtained for the purpose of implementing this Agreement.