If scrip is issued in return for bonds of this State or of the United States, the issuing corporation shall give a receipt for such bonds. Within the time named in such receipt and under such rules as the Commissioner may prescribe, the holder of such receipt may present the same together with scrip to the amount advanced, or lawful money to the amount named therein, and receive the bonds named in such receipt, exclusive of accrued interest on such bonds from date of deposit to date of maturity. Such redemption right shall not extend for more than one year unless renewed with the consent of the Commissioner.