Section 32

All moneys payable on application for the shares in an IBC shall be paid to the agent for the IBC, and pending receipt by the agent of the amount of the minimum subscription, it shall hold all moneys received by it upon trust for the applicant, and if the amount of the minimum subscription is not received by the agent within the time stated in the prospectus, the agent shall, subject to any right under the terms of the prospectus to deduct any costs and charges owing to it or to the Registrar in connection with the prospectus or the offer or his acting as a broker in the matter, return the application moneys or such proportion thereof as remains after making deductions (if any) in accordance with the terms of the prospectus to the applicants pro rata based on the respective amounts paid by them.

Upon receipt by an agent for an IBC of the amount of the minimum subscription on behalf of the company the agent shall, subject to its right to deduct from such moneys its proper remuneration and disbursement, hold such moneys and any further application moneys as agent for the company.

Incorporating amendments until S 53/2017

(Clean Vesion) NANI/zimah _ as of 11 February 2020

42

BLUV as at 20th June 2017

Prohibition of allotment unless minimum subscription received.