Issue of duplicate securities

§165

Summary

(1) When a debenture issued under this Act is alleged to have been lost, stolen or destroyed either wholly or in part or has been defaced or mutilated and a person claims to be the person to whom but for the loss, theft, destruction, defacement or mutilation it would be payable, he may, on application to the 1Municipal Commissioner, and on producing proof of his satisfaction of the loss, theft, destruction, defacement or mutilation and of the justice of the claim, obtain from him an order—\br@s (a) if the debenture alleged to have been lost, stolen, destroyed, defaced or mutilated is payable more than six years after the date of publication of the notification referred to in sub-section (2) —\br@s (i) for the payment of interest in respect of the debenture pending the issue of a duplicate debenture ; and\br@s (ii) for the issue of a duplicate debenture payable to the applicant ,or\br@s (b) if the debenture alleged to have been lost, stolen destroyed, defaced or mutilated is payable not more than six years after the date of publication of the notification referred to in sub-section (2) —\br@s (i) for the payment of interest in respect of the debenture without the issue of a duplicate debenture, and\br@s (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.\br@s (2) An order shall not be passed under sub-section (1) until after the issue of such notification of the loss, theft, destruction, defacement or mutilation of the debenture as may be prescribed by the 1 Corporation, and after the expiration of such period as may be prescribed by the 1Corporation nor until the applicant has given such indemnity as may be required by the 1Corporation against the claims of all persons deriving title under the debenture lost, stolen, destroyed, defaced or mutilated.\br@s (3) A list of the debentures in respect of which an order is passed under sub—section (1) shall be published in the official Gazette.\br@s (4) If at any time before the 1Corporation becomes discharged under the provisions of section 168 from liability in respect of any debenture the whole of which is alleged to have been lost, stolen, destroyed, defaced or mutilated, such debenture is found, any order passed in respect thereof under this section shall be cancelled but subject to any payments of principal or interest already made.\br@s

(1) When a debenture issued under this Act is alleged to have been lost, stolen or destroyed either wholly or in part or has been defaced or mutilated and a person claims to be the person to whom but for the loss, theft, destruction, defacement or mutilation it would be payable, he may, on application to the 1Municipal Commissioner, and on producing proof of his satisfaction of the loss, theft, destruction, defacement or mutilation and of the justice of the claim, obtain from him an order—\br@s (a) if the debenture alleged to have been lost, stolen, destroyed, defaced or mutilated is payable more than six years after the date of publication of the notification referred to in sub-section (2) —\br@s (i) for the payment of interest in respect of the debenture pending the issue of a duplicate debenture ; and\br@s (ii) for the issue of a duplicate debenture payable to the applicant ,or\br@s (b) if the debenture alleged to have been lost, stolen destroyed, defaced or mutilated is payable not more than six years after the date of publication of the notification referred to in sub-section (2) —\br@s (i) for the payment of interest in respect of the debenture without the issue of a duplicate debenture, and\br@s (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.\br@s (2) An order shall not be passed under sub-section (1) until after the issue of such notification of the loss, theft, destruction, defacement or mutilation of the debenture as may be prescribed by the 1 Corporation, and after the expiration of such period as may be prescribed by the 1Corporation nor until the applicant has given such indemnity as may be required by the 1Corporation against the claims of all persons deriving title under the debenture lost, stolen, destroyed, defaced or mutilated.\br@s (3) A list of the debentures in respect of which an order is passed under sub—section (1) shall be published in the official Gazette.\br@s (4) If at any time before the 1Corporation becomes discharged under the provisions of section 168 from liability in respect of any debenture the whole of which is alleged to have been lost, stolen, destroyed, defaced or mutilated, such debenture is found, any order passed in respect thereof under this section shall be cancelled but subject to any payments of principal or interest already made.\br@s

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