Clause 17

In anticipation of the raising of any loan under the authority of this Ordinance the Minister may, if he thinks fit, authorise acceptance by the Treasury or the Bank of deposits not exceeding the amount of such loan.

Advance deposits shall be applied to the purchase of stock of the first loan issued by Singapore after the date on which such deposits were received either by the Treasury or by the Bank, unless a depositor gives notice in writing within seven days after the date of issue of such loan that he wishes advance deposits or part thereof made by him to be repaid.

Whenever a depositor gives notice that he wishes the whole or part of the advance deposits made by him to be repaid such deposits or part thereof made by such depositor shall be repaid immediately, but no interest shall be payable thereon.

Advance deposits which are applied to the purchase of stock in accordance with subsection (2) of this section shall carry interest at the rate applicable to such stock calculated from the date the deposit was received by the Treasury or the Bank and such interest shall be a charge on the Consolidated Fund.