Section 67 — Application for, and allotment of, shares and debentures

(1)
No application for allotment of shares in and debentures of a company in pursuance
of a prospectus shall be made for shares or debentures of less than such nominal
amount as the Commission may, from time to time, specify, either generally or in
a particular case.

(2) The Commission may specify the form of an application for
subscription to shares in or debentures of a company which may, among other
matters, contain such declarations or verifications as it may, in the public interest,
deem necessary; and such form then shall form part of the prospectus.

(3) All certificates, statements and declarations made by the applicant
shall be binding on him.

(4) An application for shares in or debentures of a company which is
made in pursuance of a prospectus shall be irrevocable.

(5) Whoever contravenes the provisions of sub -section (1) or sub -
section (2), or makes an incorrect statement, declaration or verification in the
application for allotment of shares, shall be liable to a penalty of level 2 on the
standard scale.