Conversion of securities

Conversion of securities.—(1) The Board may, subject to such conditions as may be provided by regulations, on the application of a person claiming to be entitled to security or securities issued by it, on being satisfied of the justness of the claim and on delivery of the security or securities receipted in such manner and on payment of such fee, if any, as may be provided by regulations, convert, consolidate or subdivide the security or securities, and issue to the applicant a new security or securities, accordingly.

1. (2) The conversion, consolidation or subdivision 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.