A. The registered holder of a bond may, either in person or by a bank or trust company authorized to do business in this state, present the bond to the registrar with a written request endorsed on the bond that the bond be registered in the name of another person or that the registry be canceled and the bond be again made payable to bearer. Upon such request the registrar shall cancel the former registration and register the bond in the name of the person designated in the request and shall endorse upon the bond a certificate as required of an original registration. If the bond may be and the owner requests that it be made payable to bearer, the registration shall be canceled and the certificate upon the bond shall declare that the bond is payable to bearer. The registrar shall keep a record thereof in a book provided for that purpose.

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B. The proceedings pertaining to the issuance of any bond may prohibit its issuance or registration in bearer form.