Section 16

In anticipation of the raising of a loan under this Act the Minister may, if he thinks fit, authorise acceptance by the Authority of advance deposits. Advance deposits may be accepted on such terms as the Authority may determine.

Where a depositor gives notice that he wishes the whole or part of the advance deposits made by him to be repaid, the deposits or that part of them, as the case may be, shall be repaid to him immediately, but no interest shall be payable on them.

Advance deposits shall carry interest at the rate applicable to the stocks eventually allocated for such deposits. Interest shall be calculated from the date the deposit was effectively received by the Authority and shall be a charge on the Consolidated Fund. If cheques for the advance deposits cannot be cleared on the day of receipt, interest shall be calculated from the next working day.