Section 16

The Controller shall refund to the licensed housing developer the deposit made under paragraph (b) of section 6(1) at the expiry of the licence issued under section 5 or on the request of the licensed housing developer, earlier, if the Controller is satisfied that there is no housing development engaged in, carried on or undertaken by the licensed housing developer which remains to be completed and that the licensed housing developer does not intend to engage in, carry on or undertake any housing development for the remaining period of the licence:

Provided that the Controller shall not refund such deposit on the expiry of the licence if any housing development engaged in, carried on or undertaken by the licensed housing developer remains to be completed, in which event such deposit shall be deemed to be the deposit for the purpose of a new licence applied for by the licensed housing developer or if within one month of the expiry of the licence the housing developer has not made an application for a new licence, the Controller shall forfeit such deposit.

Refund or appropriation of deposit under section 5.