CHAPTER IIIMEASURES TO PROMOTE A SWITCH OF PRODUCTION
Article 22
F11.
The projects shall be carried out within two years of the date on which the Member State notifies the beneficiary that the project has been approved. However, Member States may extend the above time-limit to 30 months.
2.
The aid shall be paid once checks have been made that the project in question has been carried out and no later than three years following the date on which the Member State notifies the beneficiary that the project has been approved.
3.
Notwithstanding paragraph 2, the Member State may provide for aid to be paid in advance, on condition that:
(a)
project implementation has begun;
(b)
the beneficiary has lodged a security equal to 120 % of the advance. However, public bodies may be exempted from this requirement.
For the purposes of Regulation (EEC) No 2220/85, the obligation shall in this case be to ensure that the project is implemented within the period specified in paragraph 1 above.