When the owner of a bond authorized to be issued by this article presents it to the director of the department of administration with a request for its conversion into a registered bond, the director of the department of administration shall detach and cancel the coupons, and stamp or write upon such bond that it is registered in the name of the owner and that thereafter the interest and principal of the bond are payable to the registered owner only. The bond may be transferred by the registered owner by presenting it to the director of the department of administration, and the bond shall again be registered. When so registered, the principal and interest of the bond shall be payable to the registered owner. The director of the department of administration shall enter in the register of bonds the registration of each bond and the name of the owner thereof.