Section 149 in Kolkata Municipal Corporation Act, 1980
149. Discharge of the Corporation from liability under debentures in certain cases.
- The Corporation shall,(1)when the amount due on a debenture has been paid on or after the date on which payment has become due, or(2)when a debenture has been renewed or a new debenture has been issued upon sub-division, amalgamation or exchange, or(3)when a duplicate debenture has been issued in lieu of one alleged to have been lost, stolen or destroyed, either wholly or in part, be discharged from all liabilities in respect of the debenture which has been so paid or renewed or in place of which new or duplicate debenture has been so issued,(a)in the case of payment, after the lapse of six years from the date on which payment was due,(b)in the case of a renewed debenture or a new debenture issued upon sub-division, amalgamation or exchange, after the lapse of six years from the date of renewal or issue thereof, as the case may be,(c)in the case of duplicate debenture. after the lapse of six years from the date of the order for issue of the duplicate debenture or from the date of the last payment of interest on the original debenture, whichever date is later.Explanation. In this section "debenture" means a debenture issued under this Act or deemed, under sub-section (2) of section 635, to have been so issued.
