In the case where a certificate is damaged, defaced as to be unsaleable or is reported to have been lost or destroyed, the Minister may issue a duplicate certificate if satisfied —
(a) on the basis of evidence as he or she requires that the certificate was lost or destroyed;
(b) in the case where a certificate is presented for payment after being lost or destroyed, the person claiming that the certificate was lost or destroyed furnishes a good and sufficient security, for the amount of the certificate.