Issue of converted, etc. securities.

(1) The Board may, subject to such conditions as it may prescribe, on the application of a person claiming to be entitled to a Board security or securities issued by it, on being satisfied of the justice of the claim and on delivery of the security or securities receipted in such manner and on payment of such fee, if any, as it may prescribe, convert, consolidate or subdivide the security or securities, and issue to the applicant a new security or securities accordingly. (2) The conversion, consolidation or sub-drivision referred to in sub-section (1) may be into security or securities of the same or diffierent classes or of the same or different loans.