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

(a) on payment of the amount due on a port security on or after the date on which payment becomes due; or

(b) when a duplicate security has been issued under the regulations made by the Board under sub-section (1) of section 36; or

(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—