(4)If the conditions aforesaid have not been complied with on the expiration of one hundred and twenty days after the first issue of the prospectus all money received from applicants for shares shall be forthwith repaid to them without interest, and if any such money is not so repaid within on hundred and thirty days after the issue of the prospectus, the directors of the company shall be jointly and severally liable to repay that money with interest at the rate of seven, per cent, per annum from the expiration of the one hundred and thirtieth day: Provided that a director shall not he liable if he proves that the loss of the money was not due to any misconduct or negligence on his part.
