The Milk Marketing Board (Residuary Functions) Regulations 1994

2.—(1) The milk receipt retentions shall be payable to end year producers in accordance with, and to the extent provided for in, this Schedule.

(2) Any amount which in accordance with this Schedule the Board determine shall be paid as an interim payment for the purpose of repayment of the milk receipt retentions (in this Schedule referred to as “interim payment”) or as a final payment for that purpose (in this Schedule referred to as “final payment”) shall be divided among the producers in respect of whose milk the milk receipt retentions have been made proportionately to the amounts of such retentions.

(3) Subject to sub–paragraph (4) below, the Board shall complete the payments referred to in sub–paragraph (2) above before they make any interim or final distributions.

(4) Sub–paragraph (3) above shall not prohibit the earlier transfer or, as the case may be, issue and allotment referred to in sub–paragraph (a) of the definition of “relevant asset total” in regulation 2(1).