§ 15-4-517 — Bond issue - Terms

(a) (1) Bonds, notes, or other obligations issued under the provisions of this act shall be issued by the corporation in such form as its directors may provide and shall be executed by the president and the secretary of the corporation and be sealed with its corporate seal. (2) In the event any of the officers whose signatures appear on any such obligations shall cease to be officers before the delivery thereof, the signatures shall, nevertheless, be valid and sufficient for all purposes the same as if they had remained in office until delivery. (3) Signatures to interest coupons attached to any such obligation may be lithographed or engraved. (b) First lien obligations of the corporation shall bear interest at such rate or rates, payable semiannually, and shall be payable at such times and places not exceeding twenty-five (25) years from their date, as shall be prescribed by the corporation.

Legislative History

Acts 1955, No. 404, § 28; 1957, No. 47, § 6; 1968 (2nd Ex. Sess.), No. 11, § 3; 1971, No. 210, § 1; 1981, No. 425, § 49; A.S.A. 1947, § 9-531.