Section 261: Immediate discharge in certain cases.

On payment by or on behalf of a body to the holder of a registered bond or securities of the amount expressed therein on or after the date when it becomes due or on the renewal of a promissory note under section 258 of this Act or on the consolidation or sub-division of a bond or securities under section 259 of this Act, a body shall be discharged in the same way to the same extent as if such bond or securities were a promissory note payable to the bearer.