This legislation has been repealed.
(1) An application to
purchase any debenture or stock may be made on the form accompanying the
prospectus and in accordance with the conditions contained in the prospectus,
or where no prospectus is issued, then in a form approved by the Port
Authority.
(2) An application
need not necessarily be rejected because it is not on the required form.
(3) In the case of a
joint account, an application for stock shall set forth the names of the
applicants in the order in which they are to appear in the stock ledger.
(4) The purchase money
for any debenture or stock shall be paid by the applicant in accordance with
the terms of the application or the prospectus (if any).
(5) On payment in full
for any debenture or stock the Port Authority shall, where the applicant has
applied for a debenture or debentures, issue the same to the applicant and,
where the applicant has applied for stock, proceed to allot the same.