§ 71.00 — Conversion of coupon bonds into registered bonds

New York § 71.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 5: Local Obligations: Registration, Conversion and Reconversion Thereof
• Art. 2: Local Indebtedness

Text

§ 71.00 Conversion of coupon bonds into registered bonds. a. If a\ncoupon bond so provides, the holder thereof may present such bond to the\nregistration agent with a written request for its conversion into a\nregistered bond. The registration agent shall thereupon cut off and\ndestroy the coupons and endorse a certificate of such conversion upon\nthe bond.\n b. The certificate of conversion shall contain a statement, properly\ndated, of the amount and value of such coupons, and that the interest,\nat the rate and on the dates stated in the bond and as was provided by\nthe coupons, as well as the principal, is to be paid to the registered\nholder, his legal representatives, successors or transferees, at the\nplace or places stated in the bond and as was stated in the coupons,\nunless such place or places shall be changed with the written consent of\nthe holder.\n c. When the coupons have been cut off and destroyed, and a certificate\nof conversion has been properly endorsed upon the bond, such bond shall\nthen be registered as provided in section 75.00 of this chapter.\n