(1)The prescribed authority may, subject to such conditions as may be prescribed, on the application of a person claiming to be entitled to a Government security, on being satisfied of the justice of the claim and on delivery of the security receipted in the prescribed manner and on payment of the prescribed fee, issue in the name of the applicant a converted security in place of such security or consolidated security or securities in place of securities of lower amounts or securities of lesser amount in place of a security of a larger amount.
