Regulation 2A

Every owner or tenant of any commercial property of the Board within the Town of Bishan-Toa Payoh shall, where such owner or tenant is a limited company within the meaning of section 4 of the Companies Act (Cap. 50), pay to the Town Council upon commencement or renewal of the lease a deposit equal to 2 months of the conservancy and service charges payable in respect of that commercial property.

Where any lease of a commercial property is for any reason terminated before its expiry, the Town Council may deduct from the deposit such amount as may be required to pay any outstanding debt owing to the Town Council.

The Town Council shall, upon the expiry or earlier termination of the lease, return the whole deposit without interest or, if a deduction was made under paragraph (2), the balance of the deposit, to the owner or tenant.