3. Directors deemed not to be in default
(1) The directors having ¾
(a) remitted to the Treasurer an amount equal to the total of all moneys received from the initial applicants, which the directors are hereby deemed to have been authorized to do, notwithstanding section 52 of the Act; and
(b) delivered to the Registrar all applications for shares in the company made by the initial applicants,
it is hereby declared and provided, notwithstanding anything to the contrary in the Act, that the directors shall be deemed not to be and never to have been in default of the provisions of section 53 of the Act, and shall be not liable to suit by any initial applicant seeking the repayment of any application moneys or interest thereon.
(2) The Registrar shall cause copies to be made of each application for shares in the company delivered to him pursuant to paragraph (b) of subsection (1) of this section and shall thereupon ¾
(a) return the applications to the company; and
(b) furnish one copy of each application to the Treasurer.
[Section 3 amended by No. 35 of 1975 s.2]