The Treasurer shall, as soon as practicable after whichever of the following events first happens, namely ¾

(a) the Treasurer being advised by the directors prior to the first day of July, 1975 that it is not intended to issue a further prospectus on or before that day;

(b) the Treasurer receiving the advice of the Registrar that a further prospectus has not been issued on or before the first day of July, 1975;

(c) the expiration of six months after the issue of a further prospectus,

repay to each initial applicant an amount equal to the moneys paid with his initial application together with any interest thereon from the investment of those moneys by the Treasurer, less any amounts already paid, or remitted to the company, pursuant to paragraph (c) or paragraph (d) of subsection (2) of section 4 of this Act.