—(1) If the holder of a licence satisfies the Deputy Commissioner of Police that his licence has been lost or defaced, the Deputy Commissioner of Police, shall, on payment by him of the following fee, issue a replacement licence:
(a) for a first replacement of the licence
(b) for a second and every subsequent replacement of the licence
(2) The replacement licence issued under paragraph (1) shall have the same effect as the original.
(3) If at any time while a replacement licence is in force the original licence is found, the person to whom the original licence was issued shall, if the original licence is in his possession, return it to the Deputy Commissioner of Police forthwith or, if that licence is not in his possession, he shall take all reasonable steps to obtain possession of it and return it forthwith to the Deputy Commissioner of Police.