Section 4. A county, city, town or district or any corporation organized under the laws of the commonwealth may, at the request of the owner or holder of a bond, promissory note or certificate of indebtedness issued by it payable to bearer, at any time more than one year before maturity thereof, issue in exchange therefor a bond, note or certificate of the same effect, payable to the owner or holder by name. Coupon or registered bonds, notes or certificates of a city, town or district may be surrendered to the city, town or district treasurer for cancellation and in exchange therefor one or more registered bonds, notes or certificates having the same maturity and rate of interest, may be issued to the same or to a new owner or owners. In cities, such new bonds, notes or certificates shall be signed by the treasurer and countersigned by the city auditor or comptroller and the mayor, or their successors in office. In towns, such new bonds, notes or certificates shall be signed by the treasurer and countersigned by a majority of the selectmen. In districts, such new bonds, notes or certificates shall be signed by the treasurer and countersigned by the prudential committee or other body exercising similar powers. The expense involved in surrendering and in making the cancellation and reissue of any bond, promissory note or certificate of indebtedness under this section or under any other law applicable thereto shall be borne by the party requesting such cancellation and reissue.