Document ID: chunk:federal_register_of_legislation:C2004A00861:clause:1_37k
Version: federal_register_of_legislation:C2004A00861
Segment Type: clause
Provision Reference: sch 1 cl 37K
Character Range: 14227–15108

37K  Units in payment rights

 (1) It is a policy objective that each payment right under the SDA scheme is to be divided into units, where each unit has a face value of $32.

 (2) It is a policy objective that the number of units into which a payment right is divided is to be worked out as follows:
 (a) divide the number of dollars in the face value of the payment right by 32;
 (b) if the result of the division is a whole number—that number is the number of units in the payment right;
 (c) if the result of the division is less than 1—there is 1 unit in the payment right;
 (d) if the result of the division is greater than 1, but is not a whole number:
 (i) round the result of the division up or down to the nearest whole number (rounding up in the case exactly half‑way between 2 whole numbers); and
 (ii) the rounded number is the number of units in the payment right.