12. Applications for stock
(1) An application to purchase stock shall be made in a form which is approved by the Commission or which accompanied the statement or prospectus inviting applications, completed and signed by the person desiring to purchase the stock, and lodged in the manner specified in that statement or prospectus, or if no other manner is specified, transmitted by the applicant to the Registrar.
(2) The application may include a request for the transfer of the stock upon issue to a Registry of the Commission established otherwise than in the State.
(3) In the case of a joint account, the application shall set out the names in the order in which they are to appear in the Stock Ledger.
(4) A person who desires to purchase stock shall pay ¾
(a) the full amount of the purchase price;
(b) an amount by way of deposit approved by the Commission; or
(c) such amount in such manner as may be required by the statement or prospectus inviting applications,
at the time of making the application.
(5) On the application being received ¾
(a) the Registrar may cause to be sent to the applicant an interim receipt for any payment made; and
(b) the Commission shall, as soon as may be convenient thereafter, proceed to allot stock.
(6) The balance of any money for the purchase of stock which is payable by instalments shall be paid in accordance with the terms of the application and the statement or prospectus.
(7) Unless otherwise provided in the statement or prospectus if any payment on stock issued as partly paid stock is not made on the due date, the Commission after giving to the holder thereof 14 days notice of its intention to do so but without prejudice to its right to recover unpaid amounts, may ¾
(a) forfeit such stock;
(b) issue stock to the holder to the extent that the money which has been received can be utilised for the purchase of stock on which the amount of the purchase price liable to be paid at that date has been paid; and
(c) in either case, apply the moneys received by the Commission from the holder and any moneys received in respect of the re-issue, in so far as not expended in accordance with paragraph (b) ¾
(i) in payment of expenses incurred in respect of the re-issue; or
(ii) in satisfaction of any moneys due to the Commission from the former holder in respect to such stock or any other matter,
and repay the balance, if any, to the former holder; and
(d) re-issue the forfeited stock or part thereof to any other person.
(8) Unless otherwise approved by the Commission, stock shall be inscribed or remain inscribed only in amounts of $100 or some multiple of $100.