11(1)For each month, a participator's aggregate nominated proceeds for the purposes of section 61 of this Act is the sum of—
(a)the proceeds of each nominated transaction falling within sub-paragraph (2) below; and
(b)the market value of any excess falling within sub-paragraph (3) below.
(2)For each nominated transaction, the effective volume of which forms part of the participator's aggregate effective volume for the month, as defined in paragraph 10 above, the proceeds of the transaction means the effective volume multiplied by the nominated price.
(3)If the participator's equity production for a month exceeds his aggregate effective volume for that month, as defined in paragraph 10 above, the market value of the excess shall be determined in accordance with Schedule 3 to the principal Act.
(4)The reference in sub-paragraph (2) above to the nominated price is a reference to that price expressed in sterling; and regulations made by the Board shall make provision with respect to the conversion into sterling of any nominated price which is expressed in a currency other than sterling.