Article 11 Application to new securities of trusts, powers, etc affecting old securities

Where any old securities are exchanged for new securities, the new securities, and the interest thereon, shall be subject to the same trusts, charges, rights, stop notices and restraints as affect the old securities exchanged and the interest thereon respectively and all powers of attorney, requests as to interest, and other documents relating to the old securities exchanged and the interest thereon, or either of them, shall apply to the new securities and the interest thereon respectively.

In any Act passed or instrument executed before the date on which any old securities are exchanged for new securities, references to the old securities maybe construed as references to the new securities received in exchange therefor, and in the case of any testamentary instrument executed before that day, any disposition which would have operated as a specific bequest of the old securities shall be construed as a specific bequest of the new securities.