1981-040 CRA - Laserfiche WebLink

Home Browse Search

306. Transfer and Registration of Bearer Bonds and Coupons. The Trustee and any. Paying Agent may treat the bearer of any coupon as the abs.o1ute owner thereof, whether such coupon shall be overdue or not, for the purpose .of receiving payment there.of and for all other purposes whatsoever. (A) All Bearer B.onds shall pass by delivery, unless registered as to principal other than to bearer in the manner provided in this Section. Any Bearer Bond may be registered as to principal on the books at the Principal Office of the Trustee, upon presentati.on thereof at said office and the payment of a charge sufficient to reimburse the Agency .or the Trustee for any tax, fee or other governmental charge, required t.o be paid with respect t.o such registration, and such registrati.on shall be noted on such Bond. After said registrati.on, no transfer thereof shall be valid unless made .on 'said books by the registered owner in person or by his att.orney duly auth.orized in writing, and similarly noted on such Bondi but such Bond may be discharged fr.om registration by being in like manner transferred to bearer, after which it shall again become transferable by delivery. Thereafter such Bond may again, from time to time, be registered or discharged from registrati.on in the same manner. Registration of any Bearer Bond as to principal, h.owever, shall not affect the negotiability by delivery of the coupons appertaining to such Bond, but every such coupon shall continue to pass by delivery and shall remain payable to bearer. (B) As to any Bearer Bond registered as to principal other than to bearer, the pers.on in whose name the same shall be registered up.on the books of the Trustee may be deemed and regarded as the absolute owner thereof, whether such B.ond shall be overdue or not, for all purposes, except for the purpose of receiving payment .of c.oupons; and payment .of, or on account of, the Principal Installment .or Redemption Price, if any, of such Bond shall be made only to, or upon the order .of, such registered .owner thereof, but such registration may be changed as above provided. All such payments shall be valid and effectual t.o satisfy and discharge the liability up.on such Bond to the extent of the sum .or sums so paid. The Trustee and any Paying Agent may treat the bearer of any coupon as the absolute owner thereof, whether such coupon shall be overdue or not, for the purpose of receiving payment thereof and for all other purposes whatsoever, and may treat the bearer of any Bearer Bond which shall not at the time be registered upon the books of the Trustee, as the absolute owner of such Bonds, whether such Bond shall be overdue or not, for the purpose of receiving payment of the principal or Redemption Price thereof and for all other purposes whatsoever except f.or the purpose of receiving payment of coupons, and neither the Agency, nor the Trustee nor any Paying Agent shall be affected by any notice to the contrary. The Agency agrees to indemnify and save the Trustee and each Paying Agent harmless fr.om and against any and all loss, cost, charge, expense, judgment or liability incurred by the Trustee and each Paying Agent, acting in go.od faith and without negligence hereunder, in so treating such bearer or registered owner. 307. Transfer of Fully Registered Bonds. (A) Each Fully Registered Bond shall be transferable only up.on the books of the Trustee, which shall be kept for such purpose at the 21 . . . . .