(1) When any Board security is alleged to have been lost, stolen or destroyed, either wholly or in part, and a person claims to be the person to whom, but for the loss, theft or destruction, it would be payable, he may, on application to the Board and on producing proof, to its satisfaction, of the loss, theft or destruction and for the justification of the claim, obtain from the Board, on payment of such fee, if any, as may be prescribed by regulations, an order for—
(a) the payment of interest in respect of the Board security alleged to be lost, stolen, or destroyed, pending the issue of a duplicate Board security, and
(b) the issue of a duplicate Board security payable to him.
(2) There shall not be any order from the Board under subsection (1) until after the issue by the Board of a notification of the loss, theft or destruction in the manner prescribed by regulations.
(3) A list of Board securities in respect of which an order has been obtained under sub-section (1), shall be published by the Board in such manner as the Board may prescribe by regulations.
320 The West Bengal Maritime Board Act, 2000.
XXX of 2000.1 (Chapter VIII. Borrowingpowers of Board—Sections 57, 58.)
(4) If, at any time before the Board stands discharged under the provisions of this Act from the liability in respect of any Board security, the whole of which is alleged to have been lost, stolen or destroyed, such Board security is found, any order in respect thereof passed under this section shall be cancelled.