Section 148(3) in The Calcutta Municipal Corporation Act, 1980
(3)The purchase by, or the transfer, assignment or endorsement to, the Corporation of any debenture issued by it shall not operate to extinguish or cancel such debenture and every such debenture shall be valid and negotiable in the same manner and to the same extent as if it were held by, or transferred, assigned or endorsed to, any other persons.
