The entities licensed to receive subscription applications shall, upon closure of subscription, take the following actions: 1. Allot the shares to the subscribers within not more than five [5] business days of the date of closure of subscription. 2. Refund the excess amounts paid by the subscribers and the proceeds for which no shares have been allotted, not later than five [5] business days of the date of allotment of shares to subscribers.
Interpretation and application must be checked against the official text and current version.