Salaries shall be paid in twenty-four (24) equal semi-monthly payments.
Salaries shall be paid on the 15th and the last banking day of each month. If a pay day falls on a holiday or weekend, salaries shall be paid on the prior banking day.
If a teacher's contract shall be terminated as provided therein, the final salary payment shall be so adjusted that the teacher shall receive for the part of the year taught, such fraction of the salary for the whole year as the number of days taught is of the number of school days.
Interest on Retroactive Pay
The interest shall be computed at the lesser of 10% per annum or the average rate at which the Division borrows funds during the twelve (12) month period, preceding the calculation date.
If the Division has not borrowed funds during the preceding twelve (12) month period, then interest shall be calculated at the rate paid by the Chartered Banks of Canada in