5. Applications for debentures
(1) An application to purchase debentures shall be made in a form approved by the Commission, completed and signed by the person desiring to purchase the debentures, and lodged in the manner specified in the statement or prospectus inviting applications or, if no other manner is specified, transmitted by the applicant to the Registrar.
(2) A person who desires to purchase debentures shall pay ¾
(a) the full amount of the purchase price; or
(b) an amount by way of deposit approved by the Commission; or
(c) such amount and in such manner as may be required by the statement or prospectus inviting applications, at the time of making his application, but no debenture shall be issued until the full amount of the purchase price has been paid.
(3) The Commission shall, as soon as may be convenient after the receipt of the purchase money in full, issue to the applicant the required debentures.
(4) The balance of any money from the purchase of debentures which is payable by instalments shall be paid in accordance with the terms of the application and the statement or prospectus, and, unless otherwise provided in the statement or prospectus, where any such payment is not made the Commission may, after giving to the applicant 14 days notice in writing of the intention to do so ¾
(a) cancel the debentures relating to the application;
(b) issue debentures to the applicant to the extent that the money which has been received represents debentures on which the full amount of the purchase price has been paid, and
(c) in either case, apply the moneys received in so far as not expended in accordance with paragraph (b) ¾
(i) in payment of expenses incurred in respect of the application; or
(ii) in satisfaction of any other moneys due to the Commission from the applicant,
and repay the balance, if any, to the applicant.
(5) A receipt for the debentures shall be given by the purchaser.