2006 Utah Code - 17A-2-830 — Conversion of coupon bonds into registered bonds -- Reconversion -- Exchanging for higher denomination.

     17A-2-830.   Conversion of coupon bonds into registered bonds -- Reconversion -- Exchanging for higher denomination.
     Coupon bonds issued hereunder, at the request of the holder, may be registered as to principal and interest in the holder's name on the books of the treasurer of the district, and the coupons surrendered and the principal and interest made payable only to the registered holder of the bond. For that purpose the treasurer of the district shall detach and cancel the coupons, and shall endorse a statement on the bonds that the coupon sheet issued therewith has been surrendered by the holder, and the coupons canceled by such treasurer, and that the principal and the semiannual interest are thereafter to be paid to the registered holder, or order, by draft, check or warrant drawn payable at a place of payment specified in the bond, after which no transfer shall be valid unless made on such treasurer's books by the registered holder, or by his attorney duly authorized, and similarly noted on the bond. After such registration, the principal and interest of such bond shall be payable only to the registered owner. Bonds registered under this section may, with the consent of the district and the holders of the bonds, be reconverted into coupon bonds at the expense of the holder thereof, and again reconverted into registered bonds from time to time, as the board of trustees of the district and the holders of the bonds may determine. In converting coupon bonds into registered bonds, coupon bonds may be exchanged for registered bonds of $100 each, or multiples thereof, but not exceeding $50,000 each, in which event new registered bonds shall be issued at the expense of the holder. Coupon bonds may be exchanged for other coupon bonds of $100 each, or multiples thereof, but not exceeding $50,000 each, in which event new coupon bonds shall be issued at the expense of the holder.

Amended by Chapter 254, 2000 General Session