Upon presentation by the owner to the city treasurer of any coupon bond or bond payable to bearer issued by any city, with a request for the conversion of the bond into a registered bond, the treasurer shall cut off and cancel the coupons of the coupon bond and stamp, print, or write upon the back or face of the coupon bond or bond payable to bearer a statement to the effect that the bond is registered in the name of the owner.
BondsRegistration
Section § 43880
If you own a coupon bond or bearer bond issued by a city and want to convert it into a registered bond, you can take it to the city treasurer. The treasurer will remove and cancel the coupons and officially register the bond in your name, noting this change on the bond itself.
coupon bond bearer bond registered bond conversion
Section § 43881
This law section explains that after someone owns a bond, they can transfer it to another person. This can be done by the bond owner themselves or by a lawyer they have authorized. To do this, they need to present it to the treasurer, and the bond must be registered again with a statement indicating the transfer.
The bond may thereafter be transferred by the registered owner in person or by attorney duly authorized on presentation to the treasurer, and again registered, a similar statement being stamped, printed, or written upon it.
bond transfer registered owner authorized attorney
Section § 43882
This law explains how a bond should be formatted with specific information. It should include the date, the name of the bond owner, and a note that both the interest and principal are payable to the owner. This should be confirmed by the Treasurer or another designated official.
The statement stamped, printed, or written upon the bond may be in substantially the following form:
(Date, giving month, year, and day.)
This bond is registered pursuant to the statute in such cases made and provided in the name of ______ (here insert name of owner) and the interest and principal thereof are hereafter payable to such owner.
Treasurer (or such other officer)
bond formatting bond registration interest payable
Section § 43883
Once a bond is registered, only the registered owner can receive the principal amount and interest payments.
After any bond has been registered, the principal and interest shall be payable to the registered owner.
bond registration registered owner principal and interest payments
Section § 43884
The city treasurer needs to maintain a record of all registered bonds and who owns them, and this information must be accessible at any time in his office.
The city treasurer shall keep in his office a book showing at all times what bonds are registered and in whose names.
city treasurer bonds registered bonds
Section § 43885
This law states that bonds issued by statute or city charter can be structured either as coupon bonds or registered bonds, or a mix of both. The form they take will be determined in the specific proceedings when they're issued.
Notwithstanding any provision of law to the contrary, bonds, issued pursuant to statute or city charter, may be in the form of coupon bonds or registered bonds, or some in the form of coupon bonds and some in the form of registered bonds, as provided in the proceedings for their issuance.
bonds issuance coupon bonds registered bonds
