Suspension of policy or security

Where with the consent of the person to whom it was issued a policy or security is suspended or ceases to be effective otherwise than by effluxion of time, such person shall forthwith return any relative certificates to the company by which they were issued and a new policy or security shall not be issued to that person, nor shall the said policy or security be transferred to any other person unless and until the certificates have been returned to the company or the company are satisfied that they have been lost or destroyed.