Section 17(1) in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
(1)Subject to any general or special instructions of the prescribed officer, the office of issue may, by its order, on the application of the holder :(a)on his delivering the bond or bonds in the form of promissory note or notes and on his satisfying the office of issue regarding the justice of his claim, renew, sub-divide or consolidate the note or notes provided the note or notes has or have been receipted in Form VI, VII or VIII as the case may be, or(b)convert the promissory note or promissory notes into a stock certificate or stock certificates provided the promissory note or promissory notes has or have been endorsed as follows :"Pay to the National Housing Bank", or(c)renew, sub-divide or consolidate a stock certificate or stock certificates provided the stock certificate or stock certificates has or have been receipted in Form IX, X or XI as the case may be, or(d)convert the stock certificate or stock certificates into promissory note or promissory notes provided the stock certificate or stock certificates has or have been receipted in Form XII, or(e)convert the bonds of one series into those or another provided :-(i)inter series conversion is permissible, and(ii)the conditions governing such conversion are complied with.
