Idaho Code 57-402 – Conversion Into Fully Registered Bond
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 57-402
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
The registration of such bond as to principal only shall not restrain the negotiability of the coupons by delivery merely, but upon presentation of any such bond to the treasurer or other official of the state or of such corporation, or subdivision, who by law performs the duties of treasurer, with a request for the conversion of such bond into a fully registered bond, such treasurer or such other official, shall cut off and cancel the coupons on any such coupon bonds so presented, and shall stamp, print or write upon such coupon bond, so presented, a statement to the effect that the coupon sheets issued with the bond have been surrendered by the holder of the bond, that the coupons have been canceled by the treasurer, or official acting as such, and that the interest on the bonds is to be paid to the registered holder or order upon the proper acknowledgment of the receipt thereof.