(3)The person to whom a duplicate security or a new security is issued under this section shall be deemed for the purposes of section 19 to have been recognised by the Bank as the holder of the security; and a duplicate security or new security so issued to any person shall be deemed to constitute a new contract between [the Government] [Substitued for the words the Central Government by the Public Debt (Central Governemnt) Amendment Act, 1949 (4 of 1949), Section 6 (1-4-1949)] and such person and all persons deriving title thereafter through him.
