Section 14. Liability in respect of renewed promissory notes.

(1) When a renewed security is issued under section 10 or 13, such security shall constitute a new contract between the Government and the person in whose name the security has been issued or any person deriving title through him. (2) The issue of new securities under section 10 or 13 shall not, as against the Government, affect the rights of any other person in respect of the security so renewed or converted.