§ 35-8-19 - Substitution of coupon bond for registered bond or registered bond for coupon bond.
SECTION 35-8-19
§ 35-8-19 Substitution of coupon bond forregistered bond or registered bond for coupon bond. – Whenever the holder of any registered or coupon bond of this state which is nowor shall hereafter be issued or outstanding shall desire to substitute theregistered bond for a coupon bond, or the coupon bond for a registered bond, heor she shall present the coupon bond to the general treasurer with a request inwriting for the substitution for the bond of one or more other bonds. Thegeneral treasurer, upon payment to him or her for the use of the state of sucha sum as he or she deems necessary to cover the actual expense involved andunder such regulations and restrictions as he or she may prescribe, isauthorized and empowered to accept the bond so presented and to issue anddeliver in substitution thereof one or more new bonds of denominations of onethousand dollars ($1,000), five thousand dollars ($5,000), ten thousand dollars($10,000), or fifty thousand dollars ($50,000); provided, that the aggregateface value of the new bonds shall not exceed the face value of the bond sopresented; provided, further, that if the new bonds bear coupons, the couponsshall cover only future interest payments. The new bonds shall in allsubstantial respect (except the denomination thereof) be similar to the bond sopresented as to the date of maturity, interest rate, and dates of interestpayments; and every new bond so issued in substitution shall be as valid forall purposes as the bond so presented for substitution, notwithstanding thefact that the number thereof or the signatures thereon or the denominationthereof may be different from the bond so presented for substitution. In everycase the general treasurer shall mutilate the bond so presented forsubstitution 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 generaltreasurer 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 treasurerand by the secretary of state.