Indemnity bond.

Notwithstanding anything contained in sections 9, 10, 11 and 13, the prescribed authority may in any of the cases mentioned in the said sections,-

1. (a) issue duplicate securities or renewed securities or converted securities or consolidated securities or securities of lesser amounts, provided that the applicant executes the prescribed indemnity-bond against the claims of persons having any right in respect of the original security; or
2. (b) refuse to issue duplicate or renewed or converted or consolidated securities of lesser amount unless such indemnity-bond is executed.