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(1) The Board may at their discretion at the time of issue or at any time during the currency of any debentures issued under the provisions of this Act, upon the application of the subscriber for or holder of, any such debentures, issue to him, in lieu of the debentures deliverable to or held by him, a certificate in the nature of a stock certificate in respect of each loan to which such debentures relate, which shall be in such form as the Board, with the previous consent of the 1[2[State] Government], shall from time to time determine. (2) The Board shall upon the application of the holder of a stock certificate convert the same into debentures of the loan to which it relates.
<span style="margin-left:15px;"></span>(<i>1</i>) The Board may at their discretion at the time of issue or at any time during the currency of any debentures issued under the provisions of this Act, upon the application of the subscriber for or holder of, any such debentures, issue to him, in lieu of the debentures deliverable to or held by him, a certificate in the nature of a stock certificate in respect of each loan to which such debentures relate, which shall be in such form as the Board, with the previous consent of the <sup>1</sup>[<sup>2</sup>[State] Government], shall from time to time determine.<br> <span style="margin-left:15px;"></span>(<i>2</i>) The Board shall upon the application of the holder of a stock certificate convert the same into debentures of the loan to which it relates. <br>