(2)Save as aforesaid and save as provided in section 79, no company shall allot any of its shares or debentures or apply [any of its moneys] [Substituted by Act 65 of 1960, Section 22, for " any of its capital moneys" (w.e.f. 28.12.1960). ], either directly or indirectly, in payment of any commission, discount or allowance, to any person in consideration of-(a)his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares in, or debentures of, the company, or(b)his procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in, or debentures of, the company, whether the shares, debentures or money be so allotted or applied by being added to the purchase money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money to be paid out of the nominal purchase money or contract price, or otherwise.
