1. The Budget Committee shall be composed of one representative of each Contracting Member State.

2. Each Contracting Member State shall have one vote.

3. The Budget Committee shall take its decisions by a simple majority of the representatives of the Contracting Member States. However, a majority of three-quarters of the representatives of Contracting Member States shall be required for the adoption of the budget.

4. The Budget Committee shall adopt its rules of procedure.

5. The Budget Committee shall elect a chairperson from among its members for a term of three years. That term shall be renewable.