Issue of duplicate security.

(1) When any board security is stated to have been lost, stolen or destroyed either wholly or in part and a person claims to be the person to whom but for such loss, theft or destruction it would be payable, he may, on application to the Board and on producing proof to its satisfaction of the loss, theft or destruction and of the genuineness of the claim, and on payment of such fee, as may be prescribed by regulation, obtain from the Board an order for,— (a) issue of a duplicate board security payable to the applicant; and (b) payment of interest in respect of the board security said to have been lost, stolen or destroyed pending the issue of a duplicate security. (2) An order shall not be passed under sub-section (1), until the facts of the loss, theft or destruction and the Board’s intent to issue duplicate to the applicant is published by the Board, by notification in the manner as may be prescribed by regulations. (3) A list of securities, in respect of which an order is passed under sub-section (1), shall be published in such manner as the Board may prescribe by regulations. (4) If at any time before the Board becomes discharged under the provisions of this Act from liability in respect of any security, the whole of which is alleged to have been lost, stolen or destroyed, such security is found, any order passed in respect thereof under this section shall be cancelled.