When old notes or bonds and any interest coupons are taken up by payment thereof, by exchange or by sale of the new notes or bonds, the Chief Administrative Officer shall keep a record of the same and such old notes or bonds and interest coupons shall be cancelled and kept on file in the Chief Administrative Officer's office for a period of 14 years from the date when the note or bond is taken up and cancelled and after such period of 14 years such cancelled notes or bonds and interest coupons thereof may be destroyed.