Amendment status not verified — confirm the current text below against the official source.
(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. Discharge in certain cases. 64.Notwithstanding anything contained in the Limitation Act, 1963, the Board shall— (a) on payment of the amount due on a board security on or after the date on which payment becomes due, or (b) when a duplicate security has been issued under section 62, or 36 of 1963. 50 (c) when a new security or securities has or have been issued upon conversion, consolidation or sub-division under section 63, be discharged from the liabilities--- (i) in respect of the security or securities in the case of payment, after the lapse of six years from the date on which payment was due; (ii) in the case of a duplicate security after the lapse of six years from the date of the publication under sub-section (3) of section 62 of the list in which the security is first mentioned or from the date of the last payment of interest on the original security, whichever is later; and (iii) in the case of new security issued upon conversion, consolidation or sub-division after the lapse of six year from the date of the issue thereof. Security for loans taken by Board.