15Amount of deficiency payment for P.A.P. wool

15.—(1.) Where a deficiency payment is payable by reason of the sale of wool as P.A.P. wool, the amount of the payment shall be a percentage of the share allocated to that wool from the proceeds of the pool in which the wool was included, being the percentage calculated in respect of that pool in accordance with sub-section (3.) of this section.

(2.) The percentage in respect of a pool shall be calculated, and notified to the registered brokers and registered wool classing houses concerned, by the Commission as soon as practicable after the last sale of wool from the pool at auction.

(3.) The percentage in respect of a pool shall be calculated by—

(a) ascertaining the pool proceeds in respect of all wool, other than excluded wool, sold at auction from the pool;

(b) ascertaining the total amount of the deficiency payments that would have been payable in respect of the wool from which those proceeds were derived if the whole of that wool had been sold, otherwise than as P.A.P. wool, by the producers; and

(c) calculating, as a percentage, the proportion which the amount ascertained in accordance with the last preceding paragraph bears to the amount ascertained in accordance with paragraph (a) of this sub-section.

(4.) A percentage to be calculated under the last preceding sub-section shall be calculated to two decimal places and, if the figure in the third decimal place would have been not less than five, the figure in the second decimal place shall be increased by one.

(5.) For the purposes of this section and of section 7 of this Act, all wool that has been dealt with under the price averaging plan of the Commission as applying in respect of price averaging periods terminating after the commencement of this Act and in the one calendar year shall be deemed to constitute one pool.