Section 31Part 7 — Conversions Of Loans, Etc. Into Securities
Exchange of debentures for securities
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Where debentures, loans or other securities are exchanged for any registered stock issued under any law for the time being in force, the obligation imposed under such law to set aside sums of money in respect of such debentures, shall cease and such debentures, loans or securities on being cancelled under section 32 shall be regarded for all the purposes of such law as if they had never been issued.
Cross References
- Section 32 of Government Securities Act
cancellation of converted debentures