Discharge in certain cases.

Notwithstanding anything contained in the Limitation Act, 1963 (36 of 1963).—

1. (a) on payment of the amount due on a port security on or after the date on which payment becomes due; or
2. (b) when a duplicate security has been issued under the regulations made by the Board under sub-section (1) of section 36; or
3. (c) when a new security has been issued upon conversion, consolidation or sub-division under the regulations made by the Board, the Board shall be discharged from all its liability in respect of the security so paid or in place of which a duplicate or new security has been issued—
   • (i) in the case of payment after the lapse of six years from the date on which payment was due;
   • (ii) in the case of a duplicate security after the lapse of six years from the date of the issue thereof or from the date of the last payment of interest on the original security, whichever date is later;
   • (iii) in case of a new security issued upon conversion, consolidation or sub-division after the lapse of six years from the date of the issue thereof.