Refund of application money requires repayment within period; directors are jointly liable to repay with interest to original account. If the stated minimum subscription is unmet or application sums are not received in time, application money must be repaid within fifteen days of the issue's closure; failing which the directors who are officers in default are jointly and severally liable to repay that money with interest. Refunds must be credited only to the bank account from which the subscription was remitted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Refund of application money requires repayment within period; directors are jointly liable to repay with interest to original account.
If the stated minimum subscription is unmet or application sums are not received in time, application money must be repaid within fifteen days of the issue's closure; failing which the directors who are officers in default are jointly and severally liable to repay that money with interest. Refunds must be credited only to the bank account from which the subscription was remitted.
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