Singapore legislation
Section 178
Section 178
Deposit
(1)
Every owner of one or more pilgrim ships, or his agent resident in Singapore, shall deposit with the Accountant-General either cash to the amount of $100,000 or securities valued at such amount and approved by the Minister.
(2)
Such deposit shall be held as security for the due performance of and compliance with the obligations imposed by section 179(1) and upon the failure of the owner or his agent resident in Singapore to secure the performance of or compliance with any obligation imposed by section 179(1)(a) or (b) such owner or agent shall forfeit to the Government such sum not exceeding $3,000 as the Minister may direct.
(3)
The person making the deposit shall be entitled to receive the interest accruing due on any such securities, or, in the case of a cash deposit, interest at the rate of 3% per annum.
(4)
It shall be lawful for the Accountant-General from time to time, with the approval of the Minister for Finance, to deduct from the deposit such amount or amounts as may be required —
to cover the amount of any forfeiture under subsection (2);
to pay any sum or sums claimed by the Accountant-General under section 179(1)(c);
to pay any sum or sums which may be payable to the British consul at Jeddah under section 179(1)(d);
to repay any sum or sums which may have been paid by the Government under section 176 or 190(6):Provided that if the whole or any part of the deposit is in the form of securities, the Accountant-General may, with the approval of the Minister for Finance, realise such securities as may be sufficient to cover the amount or amounts to be deducted under this subsection.
(5)
Any dispute or difference which may arise in connection with any deduction made under subsection (4) shall be referred to arbitration, and the provisions of the Arbitration Act [Cap. 10] shall apply to every such arbitration.
(6)
The Accountant-General shall, upon receipt of a certificate under the hand of the Minister for Finance that all the obligations imposed by section 179(1) have been duly performed and complied with and that there is no claim outstanding thereunder or under section 176 or 190(6) refund the deposit or the balance thereof, as the case may be, to the depositor.[195