Section 32: Powers of the President.

The President shall also have, and may from time to time exercise, the following powers and authorities or any of them-
[1951 No. 33.)
Conversion of debenture into stock.
(a)
he may authorise the Nigeria High Commission when issuing any loan in the form of debentures to declare that such debentures shall be convertible into stock at such dates and on such terms and conditions as may be prescribed by the Nigeria High Commission at the time of the issue of the debentures;
Conversion of loans generally
(b)
he may declare all or any of the Nigeria loans, whether existing in the form of stock or debentures and whenever issued, to be convertible into stock, to be issued under the provisions of this Act;
Issue of stock in exchange for other securities
(c)
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;
Sale of stock or debentures to raise moneys
(d)
he may authorise the creation and sale of any such stock or debentures for the purpose of raising money for redeeming any outstanding loans whenever issued, for paying any expense in the creation of stock, and otherwise for carrying out the provisions of this Act;
Arrangements for conversion
(e)
any conversion so authorised may be effected either by an arrangement with the holders of existing securities or by purchase thereof out of moneys raised by the sale of stock, or partly in one way and partly in the other.