10. Exchange of debentures for stock or of stock for debentures
(1) Where pursuant to the same prospectus debentures are issued on the same terms as inscribed stock and a person desires to exchange such debentures held by him for such stock, or vice versa, he shall transmit to the the Registrar an application in a form acceptable to the Registrar and shall lodge with that application the debentures or (if required by the Registrar) any Certificate of Inscription of the stock held by him.
(2) The debentures lodged with such an application shall be cancelled.
(3) For the purpose of exchange, the value of the stock and debentures shall be taken as par, and the exchange effected on that basis, and on every such exchange the appropriate entries shall be made in the Stock Ledger and Debenture Register.
(4) Before delivering any debentures which are issued in exchange for stock, the Registrar shall cause the overdue interest coupons to be cut off and cancelled.
(5) A person who applies to exchange stock for debentures shall, if so required by the Registrar, pay the cost of printing the debentures issued to him as a result of the application.
(6) Where stock is exchanged for debentures, any stamp duty that may be entailed must be borne by the applicant.
(7) The Registrar shall thereupon allot stock, or (as the case may be) allot and issue debentures, in accordance with the application.