Acceptance of advance deposits
s 14
(1) In anticipation of the raising of any loan under the authority of this Act the Minister may, if he thinks fit, authorize acceptance by the Bank on behalf of the Federation of deposits not exceeding the amount of such loan. (2) Advance deposits shall be applied to the purchase of stock of the first loan issued under this Act after the date on which such deposits were received 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 of it made by him to be repaid. (3) 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 of it made by such depositor shall be repaid immediately, but no interest shall be payable on it. (4) Advance deposits which are applied to the purchase of stock in accordance with subsection (2) shall carry interest at the rate applicable to such stock calculated from the date the deposit was received by the Bank, and such interest shall be charged on the Consolidated Fund and appropriated from it. (5) Any power to invest conferred on a person by any instrument or written law shall include the power to make advance deposits in accordance with this section.