N.Y. Local Finance Law § 72.00: Reconversion of coupon bonds which have been converted into registered bonds

§ 72.00 Reconversion of coupon bonds which have been converted into

registered bonds. a. If a coupon bond issued prior or subsequent to the

effective date of this chapter has been converted into a registered

bond, the registered holder, or his legal representatives, successors,

or transferees, may request the registration agent to notify him of the

charge for reconverting such bond into a coupon bond. The request shall

describe the bond and state whether coupons for the unmatured interest

or a new bond with coupons for the unmatured interest is desired. The

registration agent shall thereupon ascertain and notify the person

making such request of the expense of preparing such new bond or

coupons, and other actual and necessary expenses which will be incurred

for mailing, shipping or the insuring of such obligations. The holder,

or his legal representatives, successors, or transferees, may then

present such bond with a written request for its reconversion, which

request shall be duly acknowledged or proved, or in the alternative, the

signature of the person making such request shall be certified as to its

genuineness by an officer of a bank or trust company located and

authorized to do business in this state, and shall at the same time pay

the said expenses for such reconversion, to the registration agent.

Notwithstanding the foregoing provisions of this paragraph, coupon bonds

of an issue originally sold to the state of New York municipal bond bank

agency may provide that such bonds may be reconverted from time to time

without charge or subject to such limited charge as may be provided

therein.

b. The registration agent shall thereupon cause the coupons, or the

new bond with coupons, as the case may be, to be prepared. They shall be

of substantially the same form and tenor as those originally issued,

except that the new bond if issued shall be signed by the appropriate

persons in office at the time of such reconversion and shall bear the

date of the original bond and the coupons shall bear the facsimile

signature of the appropriate person in office at the time of such

reconversion. There shall be endorsed on such new bond the following

statement, "This bond has been reconverted and reissued on the day

of ,19 . " If a new bond is issued, the original bond shall be

destroyed, and the registration agent shall make an appropriate entry in

his books of such destruction and reconversion. If a new bond is not

issued, the registration agent shall attach the coupons to the original

bond and shall register the bond in his books as payable to bearer, and

shall endorse a certificate of such registration upon the bond.

c. Any bond so reconverted may again and from time to time be

converted into a registered bond and reconverted into a coupon bond in

the manner provided in this section and section 71.00 of this chapter.