(2)Where the permission has not been [applied under sub-section (1)] [Substituted by Act 31 of 1988, Section 10, for " applied for as aforesaid" (w.e.f. 15.6.1988). ] [or, such permission having been applied for, has not been granted as aforesaid,] [Substituted by Act 41 of 1974, Section 8, for " or has not been granted as aforesaid" (w.e.f. 1.2.1975). ] the company shall forthwith repay without interest all moneys received from applicants in pursuance of the prospectus, and, if any such money is not repaid within eight days after the company becomes liable to repay it, the company and every Director of [the company who is an officer indefault shall, on and from the expiry of the eighth day, be jointly and severally liable to repay that money with interest at such rate, not less than four per cent. and not more than fifteen per cent, as may be prescribed, having regard to the length of the period of delay in making the repayment of such money.] [Substituted by Act 31 of 1988, Section 10, for certain words (w.e.f. 15.6.1988). ][* * *] [Proviso omitted by Act 31 of 1988, Section 10 (w.e.f. 15.6.1988).' ]
