Linker Split,
This is the best (formula) I could find. It is much easier to understand when you see it in action. I doubt that it will ever be adopted by the TDA but, this is it.
MOVING BUTTON: In the moving button system, the button ALWAYS moves to the next available player, even after an elimination (no dead seats or blinds). This is done to prevent anyone from having the advantage of technically being on the button more than once per orbit. This can be confusing because the blinds (two seats left of the dealer button) must always post. For example: If the small blind is eliminated in the previous hand, the button would shift to the (formerly) big blind seat. But since the (now) button never posted their small blind, they must now do so. Therefore, in this hand, the button will post a small blind as well as the normal posted blinds; giving us two small blinds and one big blind. Another example: Should the big and small blinds be eliminated in the previous hand, the button will now shift to the (formerly) UTG (under the gun, seat to the left of the big blind) seat. But since the (now) button never posted a big or small blind, they must now do so. Therefore, the button will post both blinds as well as the normal posted blinds; giving us two big blinds and two small blinds for this hand.
The thing to remember in the moving button scenario is that all missed blinds must be posted at the next available opportunity (the next hand). You do not wait, and all blinds should be caught up on the next dealt hand, barring any new eliminations.
I got this from Michael Raffeld of One Stop Poker.
http://onestoppoker.com.