21Standard payment right — enterprises that are not subject to sharefarming arrangements or leasing arrangements

21 Standard payment right — enterprises that are not subject to sharefarming arrangements or leasing arrangements

(1) This section applies to a dairy farm enterprise that is not subject to an eligible dairy sharefarming arrangement or an eligible dairy leasing arrangement.

(2) If an entity is the only entity who had an eligible interest in the dairy farm enterprise at 6.30 pm on 28 September 1999, the face value of the entity’s standard payment right is equal to the overall enterprise amount.

(3) If there are 2 or more entities who had an eligible interest in the dairy farm enterprise at 6.30 pm on 28 September 1999, the face value of each entity’s standard payment right is:

(a) the proportion of the overall enterprise amount that is the same as the proportion of the milk revenue of the enterprise to which the entity was entitled at 6.30 pm on 28 September 1999; but

(b) if the entities do not agree on the proportion of the milk revenue of the enterprise to which each of them was entitled at 6.30 pm on 28 September 1999, or that proportion is uncertain — the proportion of the overall enterprise amount that corresponds most closely with the way the milk revenue of the enterprise was shared at 6.30 pm on 28 September 1999.