Ord64 1128 - Laserfiche WebLink

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CHAPTER 12 Sections 1214 Registration of Bonds. Any bond is subject to regis- tration as to principal and interest upon written request of the bondholder and presentation of the bond to the treasurer for registration. Upon such presentation and request, he shall cut off the coupons and cancel them. He shall maintain a book in which he shall enter the numbers of all registered bonds and the names and addresses of the owners of registered bonds. Until such registration is cancelled as herein pro- vided, the interest and principal thereof shall be payable to the registered owner. There shall be provided on the back of each bond a suitable blank showing the name and address of the registered owner, the'date of registration or transfer, the type of registration and the signature of the treasurer. (a) Principal Only. The bonds may be registered as to principal only. When bonds are registered as to principal only, a notation shall be made to that effect in the registration book and on the bond. The coupons shall not be detached and the interest on such bonds shall be paid upon presentation of such coupons in the same manner as unregistered bonds. Principal, however, shall be paid only to the registered owner upon presentation of such bond, (b) De- registration. The registration of any unmatured bond may be cancelled upon written request of the registered owner. Upon receipt of such request, the treasurer shall cancel the registration in the bond register book and on the back of the bond, print and attach all unmatured coupons to the bond, and deliver the bond and attached coupons to the owner. Until such bond is re- registered, the principal thereof shall be payable to bearer, and the interest shall again be paid upon surrender of proper coupons. The cost of printing the coupons shall be borne by the bondholder, 40