the third day, as so reckoned, is itself a Saturday or Sun day or a public holiday there shall for the said purposes be substituted the first day thereafter which is none of them. [Section as amended by Act No. 22 of 2001] 70 Allotment of shares and debentures to be dealt in on stock exchange (1 ) Where a prospectus, whether issued generally or not, states that application has been or will be made for permission for the shares or debentures offered thereby to be dealt in on any stock exchange, any allotment made on an application in pursuance of the prospectus shall, whenever made, be void if the permission has not been applied for before the third day after the first issue of the prospectus or if the permission has been refused before the expiration of twenty-one days from the date of the closing of the subscription lists or such longer period not exceeding forty-two days as may, within the said twenty-one days, be notified to the applicant for permission by or on behalf of the stock exchange. (2 ) Where the permission has not been applied for as aforesaid, or has been refused as aforesaid, the company shall forthwith repay without interest all money received from applicants in pursuance of the prospectus, and, if any such money is not repaid within eight days after the company becomes liable to repay it, the directors of the company shall be jointly and severally liable to repay that money with interest at the rate prescribed in the Prescribed Rate of Interest Act [Chapter 8:10 ] from the expiration of the eighth day: Provided that a director shall not be liable if he proves that the default in the repayment of the money was not due to any misconduct or negligence on his part. [Subsection as amended by section 16 of Act No. 12 of 1997] (3 ) All money received as aforesaid shall be kept in a separate bank account and shall not be available for the purposes of the company or for the satisfaction of its debts so long as the company may become liable to repay it under subsection (2) and, if default is made in complying with this subsection, the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding level ten or to i mprisonment for a period not exceeding two years or to both such fine and such imprisonment. (4 ) Any conditions requiring or binding any applicant for shares or debentures to waive compliance with any requirement of this section shall be void. (5 ) For the purposes of this section, permission shall not be deemed to be refused if it is intimated that the application for it, though not at present granted, will be given further consideration. (6 ) This section shall have effect— (a ) in relation to any shares or debentures agreed to be taken by a person underwriting an offer thereof by a prospectus as if he had applied therefor in pursuance of the prospectus; and (b ) in relation to a prospectus offering shares for sale with the following modifications, that is to say — (i) references to sale shall be substituted for references to allotment; and (ii) the persons by whom the offer is made, and not the company, shall be liable under subsection (2 ) to repay money received from applicants, and references to the company’s liability under that subsection shall be construed accordingly; and (iii) for the reference in subsection (3) to the company and every officer of the company who is in default there shall be substituted a reference to any person by or through whom the offer is made and who knowingly and wilfully authorizes or permits the default. [Section as amended by Act No. 22 of 2001] 71 Register and return as to allotments (1 ) Every company shall keep a register of allotments at his registered office. (2 ) A company, whenever it makes any allotment of its shares, shall, within one month thereafter, lodge with the Registrar— (a ) a return of the allotments, stating the number and nominal amount of the shares comprised in the allotment, the names and addresses of the allottees and the amount, if any, paid or due and payable on each share; and (b ) in the case of shares allotted as fully or partly paid up otherwise than in cash, a contract in writing and signed by the parties thereto, constituting the title of the allottee to the allotment, together with any co ntract of sale or for services or other consideration in respect of which that allotment was made, and a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up and the consideration for which they have been allotted: Provided that it shall not be necessary for a return referred to in paragraph (a) to state the names and a ddresses of the allottees in the case of an allotment of a class which has been prescribed as being one in relation to which the names and addresses of the allottees shall not be stated in the return. (3 ) Where a contract such as is referred to in paragraph (b ) of subsection (2) has not been reduced to writing, the company shall, within one month after the allotment of its shares, lodge with the Registrar such particulars of the contract as may be prescribed.