Issue of Duplicate securities

Issue of Duplicate securities.-

1. (1) When a debenture issued under this Act is alleged to have been lost, stolen, or destroyed either wholly or in part and a person claims to be the person to whom but for the loss, theft or destruction it would be payable, he may, on application to the Commissioner and on producing proof to his satisfaction of the loss, theft or destruction and of the justice of the claim obtain from him an order-
   • (a) if the debenture alleged to have been lost, stolen or destroyed is payable more than six years after the date of publication of the notification referred to in sub-section (2),-
     • (i) for the payment of interest in respect of the debenture pending the issue of a duplicate debenture, and
     • (ii) for the issue of a duplicate debenture payable to the applicant, or
   • (b) if the debenture alleged to have been lost, stolen or destroyed is payable not more than six years after the date of publication of the notification referred to in sub-section (2),-
     • (i) for the payment of interest in respect of the debenture without the issue of a duplicate debenture, and
     • (ii) for the payment to the applicant of the principal sum due in respect of the debenture on or after the date on which the payment becomes due.
2. (2) an order shall not be passed under sub-section
3. (1) until after the issue of such notification of the loss, theft or destruction of the debentures as may be prescribed by the Corporation, and after the expiration of such period as may be prescribed by the Corporation nor until the applicant has given such indemnity as may be required by the Corporation against the claims of all persons deriving title under the debenture lost, stolen or destroyed.
4. (3) A list of the debentures in respect of which an order is expressed under sub-section
5. (1) shall be published in the official Gazette.
6. (4) If at any time before the Corporation becomes discharged under the provisions of section---- from liability in respect of any debenture the whole of which is alleged to have been lost, stolen, or destroyed, such debenture is found any order passed in respect thereof under this section shall be cancelled.