Singapore legislation
Clause 27
Clause 27
Licensee to maintain security deposit
(1)
A licensee must place with the Accountant-General a deposit of such amount as may be prescribed.
(2)
The deposit must be in cash or such other form as the Registrar may allow in writing.
(3)
The deposit is to be security for the licensee’s compliance with the conditions of its licence and the provisions of this Act, including the payment of any financial penalty imposed under section 37(2)(a).
(4)
If the deposit or part of the deposit is forfeited by the Registrar, the licensee must replace the forfeited amount within 14 days (or such longer period as the Registrar may allow) after the forfeiture.