Amendment status not verified — confirm the current text below against the official source.
Form of Security.— (1) Every mortgage authorized to be made under this Chapter 1[other than a mortgage made under section 109B] shall be by debenture in the form, contained in Schedule C or in such other form as the Corporation, with the consent of 2[the Provincial Government], shall from time to time determine. (2) Every debenture issued under this Act 3[other than a debenture issued under section 110D] shall be transferable by endorsement 4[* * * * * * * * *] (3) The right to payment of the moneys secured by any of such debentures and to sue in respect thereof shall vest in the holder thereof for the time being, without any preference by reason of some of such debentures being prior in date to others. 5[110A. Issue of duplicate securities.— (1) When a debenture issued under this Act or any previous Act relating to the Municipal Government of the city 6[or under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XIV of 1925)], is alleged to have been 7[lost, stolen or destroyed either wholly or in part] and a person claims to be the person to whom but for the loss, 8[theft] or destruction it would be payable, he may, on application to the Municipal Commissioner, and on producing proof to his satisfaction of the loss, 9[theft] or destruction and of the justice of the claim, obtain from him an order for,— 10[(a) if the debenture alleged to have been lost, stolen or destroyed is payable more than six years after the date of publication of the notification referred to in sub-section (2),— (i) for the payment of interest in respect of the debenture pending the issue of a duplicate debenture, and (ii) for the issue of a duplicate debenture payable to the applicant, or (b) if the debenture alleged to have been lost, stolen or destroyed is payable not more than six years after the date of publication of the notification referred to in sub-section (2),— (i) for the payment of interest in respect of the debenture without the issue of a duplicate debenture, and (ii) for the payment to the applicant of the principal sum due in respect of the debenture on or after the date on which the payment becomes due.] (2) An order shall not be passed under sub-section (1) until after the issue of such notification of the loss 11[theft] or destruction of the debenture as may be prescribed by the corporation, and after the expiration of such period as may be prescribed by the corporation, nor until the applicant has given such indemnity as may be required by the corporation against the claims of all persons deriving title under the debenture lost, 12[stolen] or destroyed. 13[(3) A list of the debentures in respect of which an order is passed under sub-section (1) shall be published in the Official Gazette.] 14[(4) If at any time before the corporation becomes discharged under the provisions of section 110AD from liability in respect of any debenture the whole of which is alleged to have been lost, stolen 1 These words and figure were inserted by Bom. 13 of 1933, s. 25(a). 2 The words “Provincial Government” were substituted for the word “Government” by the Adaptation of Indian Laws Order in Council. 3 These words were inserted by Bom. 13 of 1933, s. 25(b). 4 The words and letter “and such transfers may be in the form of Schedule D, or to the like effect” were deleted and have been deemed always to have been deleted by Bom. 76 of 1948, s. 14. 5 Sections 110A to 110C were inserted by Bom. 1 of 1910, s. 2, Serial No. 16. 6 These words and figures were inserted by Bom. 13 of 1933, s. 26. 7 These words were substituted for the word “wholly or partly lost or destroyed” by Bom. 5 of 1938, s. 12(a)(i). 8 This word was inserted by Bom. 5 of 1938, s. 12(a)(ii). 9 This word was inserted by Bom. 5 of 1938, s. 12(a)(ii). 10 These clauses were substituted for the original by Bom. 5 of 1938, s. 12(a)(iii). 11 This word was inserted by Bom. 5 of 1938, s. 12(b)(i). 12 This word was inserted by Bom. 5 of 1938, s. 12(b)(ii). 13 This sub-section was substituted for the original by Bom. 5 of 1938, s. 12(c). 14 This sub-section was added by Bom. 5 of 1938, s. 12(d). 1888 : III] The Mumbai Municipal Corporation Act 159 or destroyed, such debenture is found, any order passed in respect thereof under this section shall be cancelled.] 1[110AA. Renewal of debentures.— Subject to the provisions of section 110AB, a person claiming to be entitled to a debenture issued under this Act or any previous Act relating to the Municipal Government of the city or under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), may on applying to the Commissioner and on satisfying him of the justice of his claim and delivering the debenture receipted in such manner and paying such fee as may be prescribed by the Commissioner obtain a renewed debenture payable to the person applying. 110AB. Renewal of debentures in case of dispute as to title.— (1) Where there is a dispute as to the title to a debenture issued under this Act or any previous Act relating to the Municipal Government of the city or under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), in respect of which an application for renewal has been made, the Commissioner may— (a) where any party to the dispute has obtained a final decision from a Court of competent jurisdiction declaring him to be entitled to such debenture, issue, renewed debenture in favour of such party, or (b) refuse to renew the debenture until such a decision has been obtained, or (c) after such inquiry as is hereinafter provided and on consideration of the result thereof, declare by order in writing which of the parties is in his opinion entitled to such debenture and may, after the expiration of three months from the date of such declaration, issue a renewed debenture in favour of such party in accordance with the provisions of section 110AA, unless within that period he has received notice that proceedings have been instituted by any person in a court of competent jurisdiction for the purpose of establishing a title to such debenture. Explanation.— For the purposes of this sub-section the expression “final decision” means a decision which is not appealable or a decision which is appealable but against which no appeal has been filed within the period of limitation allowed by law. (2) For the purposes of the inquiry referred to in sub-section (1) the Commissioner may himself record, or may request the District Magistrate to record or to have recorded, the whole or any part of such evidence as the parties may produce. The District Magistrate to whom such request has been made may himself record the evidence or may direct any Magistrate subordinate to him to record the evidence and shall forward the record of such evidence to the Commissioner. (3) The Commissioner or any Magistrate acting under this section may, if he thinks fit, record evidence on oath. 110AC. Liability in respect of debenture renewed.— (1) When a renewed debenture has been issued under section 110AA in favour of any person, the debenture so issued shall be deemed constitute a new contract between the corporation and such person and all persons deriving 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. 110AD. Discharge in certain cases.— When a duplicate debenture has been issued under section 110A, or when a renewed debenture has been issued under section 110AA or section 110AB or when the principal sum due on a debenture in respect of which an order has been made under section 110A for the payment of the principal sum without the issue of a duplicate debenture has been paid on or after the date on which such payment became due, the corporation shall be discharged from all liability in respect of the debenture in place of which a duplicate or renewed debenture has been so issued, or in respect of which such payment has been made, as the case may be— 1 Sections 110AA to 110AE were inserted by Bom. 5 of 1938, s. 13. 160 The Mumbai Municipal Corporation Act [1888 : III (a) in the case of a duplicate debenture, after the lapse of six years from the date of the publication of the notification referred to in sub-section (3) of section 110A or from the date of the last payment of interest on the original debenture, whichever date is later, (b) in the case of a renewed debenture after the lapse of six years from the date of the issue thereof, and (c) in the case of payment of the principal sum without the issue of a duplicate debenture, after the lapse of six years from the date of the publication of the notification referred to in sub-section (3) of section 110A. 110AE. Indemnity.— Notwithstanding anything in section 110AA or 110AB, the Commissioner may in any case arising under either of those sections— (1) issue a renewed debenture upon receiving such indemnity in favour of the corporation and the Commissioner as he shall think fit against the claims of all persons claiming under the original debenture, or (2) refuse to issue a renewed debenture unless such indemnity is given.]