The board, at the request of the holder of any warrant, may cancel it and issue two or more warrants in lieu thereof.
Cancellation and ReissuancePermissive
Section § 53200
This law allows the board to cancel a current warrant and issue multiple new warrants instead, if requested by the warrant holder.
warrant cancellation request by holder issue multiple warrants
Section § 53201
This law states that when a new warrant is issued to replace a canceled one, the new warrant must indicate that it is replacing the old registered warrant. It should include the dates when the original warrant was issued and registered. Once the new warrant is registered, it's considered registered as of the same date as the canceled warrant.
If the canceled warrant has been registered each new warrant shall state that it is issued partly in lieu of a registered warrant, giving the dates of issuance and registration thereof, and upon registration of the new warrant it shall be considered as registered upon the date of registration of the canceled warrant.
canceled warrant new warrant registered warrant
Section § 53202
This law states that new financial warrants issued under this rule should only cover the principal amount of the old warrant. However, once these new warrants are registered, they will start earning interest from the date the old warrant was canceled.
New warrants issued pursuant to this article shall be issued for the principal only of the old warrant, but, upon registration, shall bear interest from the date of registration of the canceled warrant.
new warrants principal amount old warrant
