Minimum subscription requirement: allotment prohibited until the stated minimum subscription and application monies are received by the company. Allotment of shares offered to the public is prohibited unless the prospectus-stated minimum subscription has been subscribed and the application monies for that minimum amount have been received; such moneys must be deposited in a Scheduled Bank until prescribed conditions are met and, if minimum subscription requirements are not satisfied within the statutory period, all application monies must be repaid without interest and directors may be jointly and severally liable for repayment with interest unless they prove lack of misconduct or negligence.