42Initial payment

42 Initial payment

(1) If an entity is the registered owner of a unit in a payment right on the initial payment day for the payment right, the industry services body must pay to the entity, out of the Dairy Structural Adjustment Fund, for each unit in the payment right, the sum of:

(a) $1 for the quarter in which the initial payment day occurs; and

(b) $1 for each earlier quarter (if any).

(2) However, if a payment right is granted to an entity after the initial payment day for the payment right worked out in accordance with section 41, the industry services body must pay to the entity, out of the Dairy Structural Adjustment Fund, for each unit in the payment right, the sum of:

(a) $1 for the quarter in which the payment right is granted; and

(b) $1 for each earlier quarter (if any).