Teachers shall be paid in twenty-four equal semi-monthly payments on the fifteenth (15th) and last days of the month. If any of these days occur on a weekend or statutory holiday, payments will be made on the last immediately preceding banking day. All payments will be made by direct deposit.
The July and August salary of any year shall be deemed to have been earned in the previous ten-month school year.
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 days in the current school year.