(1) The general overtime pay standards requires that overtime must be compensated at the rate not less than one and one-half times the regular rate at which the employee is actually employed. The regular rate of pay at which the employee is employed may in no event be less than the statutory minimum. (The statutory minimum is the specified minimum wage applicable under Section 39-3-404 MCA of the Law.) If the employee's regular rate of pay is higher than the statutory minimum, his overtime must be computed at a rate not less than one and one-half times such higher rate. The Law also provides in section 39-3-405 MCA and section 39-3-406 MCA, certain partial and total exemptions from the application of section 39-3-405 MCA to certain employees and under certain conditions.