Section 123 in The Bombay Provincial Municipal Corporations Act, 1949
123. Liability in respect of debenture renewed. - (1) When a renewed debenture has been issued under section 122 in favour of any person, the debenture so issued shall be deemed to constitute a new contract between the Corporation and such person and all persons deriving the title thereafter through him.
(2)No such renewal shall affect the rights as against the Corporation of any other person to the debenture so renewed.
