Section 34
of International Business Companies Order, 2000
Section 34
(1)
Subject to sections 32(1) and (2) and section 33(1), all applications and other moneys paid prior to allotment by any applicant on account of shares or debentures offered to the public by an IBC shall, until the allotment of such shares or debentures, be held upon trust for the applicant and such moneys shall be paid into and kept in a separate trust account, pending allotment, at a bank approved by the Registrar in writing.
(2)
If default is made in complying with this section, every officer of the company who is in default and who knowingly and wilfully authorises or permits the default shall be guilty of an offence and liable on conviction to imprisonment for a term not exceeding two years, a fine not exceeding one hundred and fifty thousand dollars or both.
Return of allotment.