Section 15 in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
15. When a bond in the form of a promissory note may be required to be renewed.
(1)A holder of a bond in the form of a promissory note may be required by the office of issue to receipt the same for renewal in any of the following cases, namely:(a)if only sufficient room remains on the back of the bond for one further endorsement or if any word is written upon the bond across the existing endorsement or endorsements.(b)if the bond is torn or in any way damaged or crowded with writing or unfit, in the opinion of the office of issue;(c)if any endorsement is not clear and distinct or does not indicate the payee or payees, as the case may be, by name or is made otherwise than in one of the endorsement cases on the back of the bond;(d)if the interest on the bond has remained undrawn for ten years or more;(e)if the interest cages on the reverse of the bond have been completely filled or if the vacant printed cages on the reserve of bond do not correspond with the half years for which interest has become due on the date when the bond is presented for drawal of interest;(f)if the bond having been enfaced three times for payment of interest is presented for re-enfacement, and(g)if in the opinion of the office of issue, the title of the person presenting the bond for payment of interest is irregular or not fully proved.(2)When requisition for renewal of a bond has been made under sub-regulation (1) payment of any further interest thereon shall be refused until it is receipted for renewal and actually renewed.
