Section 31

he may authorise the Crown Agents when issuing any loan in the form of debentures to declare that such debentures will be convertible into stock at such dates and on such terms and conditions as may be prescribed by the

Crown Agents at the time of the issue of the debentures;

Conversion of loans generally.

he may declare all or any of the North Borneo loans, whether existing in the form of stock or debentures, and whether issued before or after the commencement of this Ordinance to be convertible into stock, to be issued under the provisions of this Ordinance;

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Creation and issue of stock in exchange for other securities.

he may authorise the creation and issue of such an amount of stock in exchange for the securities held for such loans as may be necessary;

Creation and sale of stock or debentures to raise loans and for other purposes.

he may authorise the creation and sale of any such stock or debentures for the purpose of raising money for redeeming any outstanding loans, whether issued before or subsequent to the passing of this ordinance, for paying any expenses in the creation of stock, and otherwise for carrying out the provisions of this Ordinance;

Arrangements for conversion.

any conversion so authorised may be effected either by an arrangement with the holders of existing securities or by purchase thereof out of monies raised by the sale of stock, partly in one way and partly in the other.

Exchange of securities for stock.