Government Loans (Conversion) Act, 1951

Application for and right to conversion.

3.—(1) Where an offer of conversion is made under this Act in respect of stock of a Government loan, every stockholder who duly applies for conversion of his holding or a specified part of his holding of the stock in accordance with the offer shall be entitled to have his holding or the said part of his holding (as the case may be) converted as on the redemption date into stock of the new loan of such amount and upon such terms as are applicable in accordance with the offer.

(2) An application under this section shall be irrevocable and shall bind the stockholder by whom it is made and his successors in title.

(3) An application under this section shall be made to such person and in such manner as are specified in the published terms of the offer of conversion or are prescribed by regulations under this Act.