CHAPTER 1203. REGISTRAR FOR PUBLIC SECURITY
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES
SUBTITLE A. GENERAL PROVISIONS
CHAPTER 1203. REGISTRAR FOR PUBLIC SECURITY
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1203.001. DEFINITIONS. In this chapter:
(1) "Fully registrable," with respect to a public security,
means that:
(A) the principal of and interest on the public security are
payable only to the registered owner of the public security;
(B) the principal of the public security is payable on
presentation of the public security at the place of payment; and
(C) the interest on the public security is payable to the
registered owner of the public security at the most recent
address of that owner as shown on the books of the registrar.
(2) "Issuer" means this state or a department, board, authority,
agency, district, municipal corporation, political subdivision,
instrumentality, or other political corporation of this state
that is authorized to issue public securities.
(3) "Public security" means a bond, note, certificate of
obligation, certificate of indebtedness, or other obligation for
the payment of money lawfully issued by an issuer.
(4) "Public security authorization" means the resolution, order,
or ordinance authorizing the issuance of a public security.
(5) "Registered owner" means:
(A) the payee named in a fully registrable public security; or
(B) the legal representative of or successor to that payee.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.002. EFFECT ON UNIFORM COMMERCIAL CODE. This chapter
does not:
(1) qualify Title 1, Business & Commerce Code; or
(2) limit the negotiability of a public security as provided by
that title.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.003. CONFLICT WITH MUNICIPAL CHARTER. To the extent
of a conflict between this chapter and a municipal charter, this
chapter controls.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
SUBCHAPTER B. REGISTRATION OF PUBLIC SECURITY
Sec. 1203.021. REGISTRAR FOR PUBLIC SECURITY; DESIGNATION IN
PROCEEDINGS. (a) The public security authorization that
authorizes a fully registrable public security shall designate
the registrar for the security.
(b) The registrar may be:
(1) the comptroller;
(2) a home-rule municipality with a population of more than
100,000, as to a security of the municipality;
(3) a county with a population of more than 100,000, as to a
security of the county;
(4) a bank, including a commercial bank, at which the principal
of the security is payable; or
(5) a trust company organized under a law of this state.
(c) Designation of a county as registrar for a public security
issued by the county is effective only if the commissioners court
of the county makes the designation with regard to an issuance of
debt.
(d) The county treasurer or the county officer who has the
powers and duties of the county treasurer shall perform the
registration duties for a county that is designated a registrar.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.022. REGISTRATION OF PUBLIC SECURITY; CONFLICT WITH
PUBLIC SECURITY AUTHORIZATION. (a) A fully registrable public
security may be registered as provided by the public security
authorization relating to the security.
(b) To the extent of a conflict between this chapter and a
public security authorization that provides that a public
security is fully registrable, this chapter prevails.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.023. MAINTENANCE OF REGISTRAR RECORDS BY TRUST COMPANY
OR COMMERCIAL BANK. At the direction of the issuer, a trust
company or a commercial bank acting as a registrar under this
chapter shall maintain the registrar records in this state.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 769, Sec. 3, eff.
Sept. 1, 2001.
Sec. 1203.024. CHANGE OF NAME OR ADDRESS OF REGISTERED OWNER.
If the comptroller is designated under this chapter as registrar
of a public security and the comptroller's registration book
reflects the change of name or address of a registered owner of
the security, the comptroller shall notify each paying agent of
the change.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.025. COST AND EXPENSES FOR REGISTRATION OR EXCHANGE OF
PUBLIC SECURITY. A public security authorization that authorizes
the issuance of a public security that is, initially or by
exchange or conversion, fully registrable shall state the part of
the cost and expense of registering or exchanging the security
that the issuer will pay, including fees of the registrar named
in the public security authorization.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.026. COMPTROLLER'S RULES AND FEE SCHEDULE. The
comptroller shall:
(1) adopt rules for the comptroller's performance of services
under this chapter; and
(2) publish a schedule of fees for performing those services.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
SUBCHAPTER C. CONVERSION OR EXCHANGE OF PUBLIC SECURITY
Sec. 1203.041. CONVERSION OF PUBLIC SECURITY. (a) This section
applies to a public security only if the public security
authorization relating to the security:
(1) provides for conversion of the security; and
(2) names the comptroller as registrar.
(b) A public security that is issued with one or more coupons
becomes fully registrable if:
(1) the security is presented to the comptroller; and
(2) the comptroller removes each coupon.
(c) A public security that is issued as a fully registrable
security becomes a security with one or more coupons if:
(1) the security is presented to the comptroller; and
(2) the comptroller attaches an unmatured coupon or coupons to
the security.
(d) Attachment and removal of a coupon or coupons may occur
successively from time to time.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1203.042. APPROVAL AND REGISTRATION OF CONVERTED OR
EXCHANGED PUBLIC SECURITY. (a) This section applies to a public
security only if:
(1) the public security authorization relating to the security
provides that the security is fully registrable or is of the type
that has one or more coupons and that the security may be
exchanged; or
(2) the security has been converted under Section 1203.041.
(b) If the public security was initially approved by the
attorney general and registered by the comptroller, on exchange
or conversion of the security:
(1) a public security that results from the exchange or
conversion is considered to have been approved by the attorney
general and registered by the comptroller;
(2) the attorney general is not required to approve the
resulting security; and
(3) the comptroller is not required to register the resulting
security.
(c) If a public security is exchanged, the registrar shall have
an appropriate inscription placed on the public security received
in exchange verifying that the security received in exchange is
in place of the security presented for exchange. The inscription
must be manually signed.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.