Board securities.

(1) The Board may with the sanction of the State Government prescribe the form in which the securities of the Board shall be Issued by the Board and the mode in which, and the conditions subject to which, they may be transferred. (2) The holder of any board security in any form may obtain in exchange therefor, upon such terms as the Board may from time to time determine a Board security in other form prescribed by regulations. (3) The right to sue in respect of money secured by the Board securities shall be exercisable by the holders thereof for the time being without preference in respect of priority of date.