Sec.  69.606   Computation of average schedule company payments.

   (a) Payments shall be made in accordance with a formula approved or modified
   by the Commission. Such formula shall be designed to produce disbursements
   to an average schedule company that simulate the disbursements that would be
   received pursuant to  Sec. 69.607 by a company that is representative of average
   schedule companies.

   (b) The association shall submit a proposed revision of the formula for each
   annual period subsequent to December 31, 1986, or certify that a majority of
   the directors of the association believe that no revisions are warranted for
   such period on or before December 31 of the preceding year.

   (47 U.S.C. 154 (i) and (j), 201, 202, 203, 205, 218 and 403 and 5 U.S.C.
   553)

   [ 48 FR 10358 , Mar. 11, 1983, as amended at  50 FR 41356 , Oct. 10, 1985;  55 FR 6990 , Feb. 28, 1990]