Penalty for discounted share issuance limits liability and mandates refund with interest to affected shareholders per statute. The substituted subsection (3) makes the company and every officer in default liable to a penalty capped by the lesser of the amount raised through the issue of shares at a discount or a specified statutory cap, and requires the company to refund all monies received with interest at the statutory rate from the date of issue to the persons to whom such shares were issued.