Board Securities.

(1) The Board may, with the previous sanction of the State Government, specify the form in which the board securities shall be issued 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 thereof, 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 at the material time.