Issue of converted, consolidated or sub-divided 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 genuiness 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, 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-division referred to in sub-section (1) may be into security or securities of the same or different classes or of the same or different loans.