(1) A trustee agreement must provide that, after costs have been deducted in accordance with section 5.7A.20 from the fund or funds referred to in section 5.7A.19, the remaining money standing to the credit of the fund or funds must be set aside and paid, subject to subsection (2), to each beneficiary school at the end of every quarter in accordance with the following—
(a) if no direction is given by the Minister under section 5.7A.22, the following formula—
A is the number of students enrolled in the beneficiary school as at the preceding 28 February;
B is the total number of students enrolled in all beneficiary schools as at the preceding 28 February;
C is the total amount to be distributed from the fund or funds;
D is the amount to be paid to the school;
(b) any direction given by the Minister under section 5.7A.22.
(2) If the number of students enrolled in a beneficiary school that is entitled to be paid an amount under subsection (1) has not been ascertained by the trustee company by the end of the first quarter, the agreement is taken to provide that the trustee company is to pay that amount as soon as possible after ascertaining the number of students.
S. 5.7A.22 inserted by No. 28/2010 s. 17.