law: Government Securities Act 2006
  11.
  
  Issue of duplicate securities and of new securities on conversion,
  
  consolidation, sub-division, renewal, stripping or reconstitution. -
  1.   If the person
  
  entitled to a Government security applies to the Bank alleging that the
  
  Government security has been lost, stolen or destroyed, or has been defaced or
  
  mutilated, the Bank may, on proof to its satisfaction of the loss, theft,
  
  destruction, defacement or mutilation of the Government security, and subject
  
  to such conditions and on payment of such fees as may be prescribed, order the
  
  issue of a duplicate Government security to the applicant.
  2.   If the person
  
  entitled to a Government security applies to the Bank to have the Government
  
  security converted into a Government security of another form, or into a
  
  Government security issued in connection with another loan or to have it
  
  consolidated with other like Government securities, or to have it sub-divided,
  
  or to have it renewed, stripped or reconstituted, the Bank may, subject to such
  
  conditions and on payment of such fees as may be prescribed, cancel the
  
  Government security and order the issue of a new Government security or
  
  Government securities.
  Explanation.- 
  
  A Government security may be stripped separately for interest and principal or
  
  reconstituted on the application of the holder subject to such terms and
  
  conditions as may be specified.
  1.  
  2.  
  3.   The person to whom a
  
  duplicate Government security or a new Government security is issued under this
  
  section shall be deemed for the purposes of section 18 to have been recognised
  
  by the Bank as the holder of the Government security; and a duplicate
  
  Government security or new Government security so issued to any person shall be
  
  deemed to constitute a new contract between the Government and such person and
  
  all persons deriving title thereafter through him:
  Provided 
  
  that the issue of new security under this section shall not affect the interest
  
  of third parties in whose favour a charge or other interest was lawfully
  
  created and was subsisting at the time of issue of the new security.