Section 33: Exchange of securities for stock.

Nothing in this Act shall authorise an increase of the capital or of the annual charge on any loan, except-(a) when securities exchanged for stock bear a rate of interest not less than the stock, an additional amount of stock may be created and issued to make up the difference in saleable value between the securities and the stock;
(b) in the case of the conversion of securities into stock the Nigeria High Commission shall issue such an amount of stock as may be required to defray the stamp duties and all other expenses incidental to the conversion;
(c) in accordance with such terms and conditions as may be prescribed under section 32 (a) of this Act.