Replacement of insurance stamps rendered unfit for use

(1) Where any insurance stamp has been inadvertently rendered unfit for use and an application is made to the Manager within one year after the stamp was rendered unfit for use, the Manager may, on the surrender of the stamp give in lieu thereof a clean and proper stamp of the same value or, if practicable, such number of clean and proper stamps of a less value as will secure that the aggregate of those values corresponds to the value of the surrendered stamp. (2) All stamps surrendered under paragraph (1) of this Regulation shall be destroyed in the presence of an officer designated by the Manager.