§ 73.00 — Conversion and reconversion of registered bonds

New York § 73.00

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

Text

§ 73.00 Conversion and reconversion of registered bonds. a. A bond\nissue in registered form, if it so provides, shall be converted into a\ncoupon bond at the request of the registered holder, or his legal\nrepresentatives, successors or transferees, in the same manner as is\nprovided in section 72.00 of this chapter for the reconversion of a\ncoupon bond which has been converted into a registered bond, except that\nonly a new bond with coupons shall be issued. Such new coupon bond shall\nbe payable according to the terms of the original bond. A bond\nheretofore or hereafter issued in registered form, which does not\nprovide that it may be converted into a coupon bond, shall be converted\ninto a coupon bond at the request of the registered holder or his legal\nrepresentatives, successors or transferees, provided the issue of which\nsuch bond is a part was sold at public sale and the notice of such sale\nprovided for the issuance of bonds in bearer form with coupons with the\nright of conversion into registered form, and provided the finance board\nof the issuer shall adopt a resolution authorizing such conversion and\nprescribing the form of the bond and the coupons for unmatured interest.\nSuch bond, in such event, shall be converted in the same manner as is\nprovided in section 72.00 of this chapter for the reconversion of a\ncoupon bond which has been converted into a registered bond, except that\nonly a new bond with coupons shall be issued and such new coupon bond\nshall be payable according to the terms of the original bond.\n b. A registered bond which has been so converted may be reconverted\ninto a registered bond in the same manner as is provided in section\n71.00 of this chapter for the conversion of a coupon bond into a\nregistered bond.\n c. Such bond may again and from time to time be converted into a\ncoupon bond and reconverted into a registered bond in the manner\nprovided in this section.\n