Liability in respect of debenture renewed

Liability in respect of debenture renewed.-

1. (1) When a renewed debenture has been issued under section 109 in favour of any person the debenture so issued shall be deemed to constitute a new contract between the Corporation and such person and all persons deriving title thereafter through him.
2. (2) No such renewal shall affect the rights as against the Corporation of any other person to the debenture so renewed.