Section 159(3) in Uttar Pradesh Municipal Corporation Act, 1959
(3)The purchase by, or the transfer, assignment or endorsement to, the Corporation or to the Municipal Commissioner of any debenture issued by the Corporation shall not operate to extinguish or cancel any such debenture, but the same shall be valid and negotiable in the same manner and to the same extent as if held by, or transferred, assigned or endorsed, to any other person.
