The board shall, on demand of the holder of any demand warrant outstanding one year or more, or any time warrant overdue one year of more, cancel the same and issue a new demand warrant for the face value of the old warrant, and a separate warrant for any interest then due thereon, or the board may allow a claim for the amount of any interest due on such warrant and may draw a warrant therefor.
(Added by Stats. 1951, Ch. 336.)