§ 35-8-19. Substitution of coupon bond for registered bond or registered bond for coupon bond.
Whenever the holder of any registered or coupon bond of this state which is now or
shall hereafter be issued or outstanding shall desire to substitute the registered
bond for a coupon bond, or the coupon bond for a registered bond, he or she shall
present the coupon bond to the general treasurer with a request in writing for the
substitution for the bond of one or more other bonds. The general treasurer, upon
payment to him or her for the use of the state of such a sum as he or she deems necessary
to cover the actual expense involved and under such regulat
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§ 35-8-19. Substitution of coupon bond for registered bond or registered bond for coupon bond.
Whenever the holder of any registered or coupon bond of this state which is now or
shall hereafter be issued or outstanding shall desire to substitute the registered
bond for a coupon bond, or the coupon bond for a registered bond, he or she shall
present the coupon bond to the general treasurer with a request in writing for the
substitution for the bond of one or more other bonds. The general treasurer, upon
payment to him or her for the use of the state of such a sum as he or she deems necessary
to cover the actual expense involved and under such regulations and restrictions as
he or she may prescribe, is authorized and empowered to accept the bond so presented
and to issue and deliver in substitution thereof one or more new bonds of denominations
of one thousand dollars ($1,000), five thousand dollars ($5,000), ten thousand dollars
($10,000), or fifty thousand dollars ($50,000); provided, that the aggregate face
value of the new bonds shall not exceed the face value of the bond so presented; provided,
further, that if the new bonds bear coupons, the coupons shall cover only future interest
payments. The new bonds shall in all substantial respect (except the denomination
thereof) be similar to the bond so presented as to the date of maturity, interest
rate, and dates of interest payments; and every new bond so issued in substitution
shall be as valid for all purposes as the bond so presented for substitution, notwithstanding
the fact that the number thereof or the signatures thereon or the denomination thereof
may be different from the bond so presented for substitution. In every case the general
treasurer shall mutilate the bond so presented for substitution and shall make a record
of the date, number, and amount thereof, and of the date, number, and amount of every
new bond issued in substitution. Thereafter the mutilated bond shall be kept in the
files of the general treasurer or may be destroyed in the same manner as provided
in § 35-8-2. Every new bond issued in substitution shall be signed by the general treasurer and
by the secretary of state.