Conversion of securities -(1) The Board may, subject to such

conditions as it may prescribe by regulation on the application of a person claiming to be entitled to Board Security or securities issued by it, on being satisfied of the justice of the claim and on delivery of the security or securities received in such manner and on payment of such fee, if any, as it may prescribe by regulation, convert, consolidate or sub-divide the security or securities, and issue to the applicant a new security or securities, accordingly.

1. (2) The conversion, consolidation or sub-division referred to in sub- section (1) may be into a security or securities of the same or different classes or of the same or different loans.