(1)

When a debenture issued under this Act or any previous Act relating to the municipal government of the city [or under the City of Bombay Improvement Act, 1893, or the City of Bombay Improvement Trust Transfer Act, 1925], is alleged to have been [lost, stolen or destroyed either wholly or in part] [These words were substituted for the words 'wholly or partly lost or destroyed' by Bombay 5 of 1938, Section 12(a)(i).] and a person claims to be the person to whom but for the loss, [theft] [This word was inserted by Bombay 5 of 1938, Section 12(a)(ii).] or destruction it would be payable, he may, on application to the Municipal Commissioner, and on producing proof to his satisfaction of the loss, [theft] [This word was inserted by Bombay 5 of 1938, Section 12(a)(ii).] or destruction and of the justice of the claim, obtain from him an order for-

(a) [ if the debenture alleged to have been lost, stolen or destroyed is payable more than six years after the date of publication of the notification referred to in sub-section (2), [These clauses were substituted for the original by Bombay 5 of 1938, Section 12(a)(iii).]

(b) if the debenture alleged to have been lost, stolen or destroyed is payable not more than six years after the date of publication of the notification referred to in sub-section (2),

(2)

An order shall not be passed under sub-section (1) until after the issue of such notification of the loss [theft] [This word was inserted by Bombay 5 of 1938, Section 12(b)(i).] or destruction of the debenture as may be prescribed by the corporation, and after the expiration of such period as may be prescribed by the corporation, nor until the applicant has given such indemnity as may be required by the corporation against the claims of all persons deriving title under the debenture lost, [stolen] [This word was inserted by Bombay 5 of 1938, Section 12(b)(ii).] or destroyed.

(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.] [This sub-section was substituted for the original by Bombay 5 of 1938, Section 12(c).]

(4)

[ If at any time before the corporation becomes discharged under the provisions of section 110AD from liability in respect of any debenture the whole of which is alleged to have been lost, stolen or destroyed, such debenture is found, any order passed in respect thereof under this section shall be cancelled.] [This sub-section was added by Bombay 5 of 1938, Section 12(d).]]