I want to reemmber the term-of-art is "bilge board."
As noted succintly above, they serve the same purpose as a dagger board or centerboard, to increase latteral resistance when sailing upwind.
Hanging the board off the wale means not having to cut into the keel structure for a box or slot for the board, which also leaves the hold clear.
They fell out of favor from several issues. Like being larger than a center or dagger board of effective size, the complications of the pivot joint, and needing two of the things.
Being on the lee rail, they could be complicated to work, as well. Made of wood, they needed two tackles per each, a downhaul as well as an uphhaul.
Eventually, people realised you only needed to trunk a centerboard to just above the water line, and it only needed one tackle when made of metal, or metal clad wood.