IMAP folders missing from ~library/mail

After converting some mail accounts from pop to imap, then importing mail from Backup, the IMAP folders are located in V2 folder (not ~Library/Mail folder)

Because Mail is running very slow, I want to "normalize" the Mail folders (i.e. see all IMAP folders in ~Library/Mail, not ~Library/V2)

Can this be done without restoring from Time Machine?

I'm using Mail Version 7.3 (1878.6), Mavericks 10.9.5