Section 3. Whenever the Governor General in Council has issued, in respect of any loan, a certificate declaring

3. Whenever the Governor General in Council has issued, in respect of any loan, a certificate declaring the bearer thereof to be entitled to the portion of the loan therein expressed, or a coupon for any amount payable Short title. Commencement. "Government securities." Certificates and coupons may be transferred and dis- 1881.] Indian Securities. 17 payable as interest on any portion of such loan, the title to such certificate or coupon may be transferred as if the certificate or coupon were a promissory note payable to bearer; and, on payment, by or on behalf of the Govern- ment, to the bearer of such certificate or coupon, of the amount expressed therein, at or after the date on which it becomes due, the Government shall be dis- charged as if such certificate or coupon were a pro- missory note payable to bearer.