(1) No allotment shall be made of shares of a public company offered for subscription unless—
(a) the issue is subscribed for in full, or
(b) the offer is made on terms that the shares subscribed for may be allotted—
(i) in any event, or
(ii) if specified conditions are met (and those conditions are met).
(2) If shares are prohibited from being allotted by subsection (1) and 40 days have elapsed after the first making of the offer, all money received from applicants for shares must be repaid to them forthwith, without interest.
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