Discharge in certain cases

Discharge in certain cases.—Notwithstanding anything contained in the Limitation Act, 1963 (Central Act 36 of 1963),—

1. (i) on payment of the amount due on a security on or after the date on which payment becomes due; or
2. (ii) when a duplicate security has been issued under section 58; or
3. (iii) when a new security or securities has or have been issued upon conversion, consolidation or subdivision under section 59, the Board shall be discharged from all liabilities in respect of the security or securities so paid or in place of which a duplicate or new security or securities has or have been issued,—

1. (a) in the case of payment, after the lapse of six years from the date on which payment was due;
2. (b) in the case of duplicate security after the lapse of six years from the date of the publication under sub-section (3) of section 58 of the list in which the security is first mentioned or from the date of the last payment or interest on the original security, whichever, is later;
3. (c) in the case of new security issued upon conversion, consolidation or subdivision after the lapse of six years from the date of the issue thereof.