PART II. [OLD] DESTROYED OR DEFACED BONDS; LOST COUPONS

 

§§39-31 to 34  REPEALED.  L 1988, c 28,§2.

 

PART II. LOST, STOLEN, DESTROYED, OR DEFACED BONDS AND

COUPONS

 

§39-31  Duplicates.  (a)  Whenever itappears to the director of finance by clear proof satisfactory to the directorof finance that any bond of the State, without bad faith upon the part of theowner, has been lost, stolen, destroyed wholly or in part, or so defaced as toimpair its value to the owner; the lost, stolen, wholly or partially destroyed,or defaced bond is identified by number and description; and the request forissuance of a new bond was made before the director of finance had notice thatthe lost, stolen, wholly or partially destroyed, or defaced bond had beenacquired by a bona fide purchaser; the director of finance, under suchconditions and upon such security as prescribed in section 39-33, shall causeto be issued a duplicate thereof, with remaining unpaid coupons, if any,attached and so marked as to show the original number of the bond lost, stolen,wholly or partially destroyed, or defaced and the date thereof; provided thatin the case of fully registered bonds the duplicate may be numbered in themanner as the registrar deems proper.

(b)  All duplicate bonds in coupon form issuedin place of bonds lost, stolen, wholly or partially destroyed, or defaced shallbe lithographed or steel engraved unless otherwise provided in the proceedingsauthorizing the issuance thereof, and shall bear the manual signatures of thedirector of finance or a duly authorized deputy director of finance and thecomptroller, and an impression of the seal of the department of budget andfinance shall be affixed thereon.  Interest coupons shall bear a lithographedor engraved facsimile of the signature of the director of finance.  Eachsignature of an officer on a duplicate coupon bond shall be the signature ofthe person serving as the officer on the date of signing and any duplicatecoupon bond so executed and sealed shall be valid and sufficient for allpurposes.  All duplicate bonds in fully registered form issued in place ofbonds lost, stolen, wholly or partially destroyed, or defaced shall be from thestock of fully registered bonds of the series then held by the registrar forthat series and shall be executed, sealed, and authenticated in the same manneras fully registered bonds of that series.  Any duplicate fully registered bondexecuted, sealed, and authenticated as provided in this section shall be validand sufficient for all purposes.

When the lost, stolen, wholly or partiallydestroyed, or defaced bond appears to have been of a class or series that hasbeen called or will be called in for redemption or will mature within a periodof one year following the date of application for a duplicate bond, instead ofissuing a duplicate bond therefor, the director of finance, under conditionsand upon such security, if any, as the director of finance may prescribe, maypay the bond at its call date with interest if it is already called for redemptionor if it is to be called for redemption or will mature within the period of oneyear, or may issue a transferable certificate of ownership to the applicant,and pay on the certificate the call price of the bond represented therebytogether with interest called for by the lost, stolen, wholly or partiallydestroyed, or defaced bond on the date of its call or its original maturityupon surrender of the certificate of ownership.  All transferable certificatesof ownership which may be issued pursuant to the terms hereof shall be in suchform as the director of finance may prescribe and shall be signed by thedirector of finance or a duly authorized deputy director of finance and by thecomptroller of the State, and an impression of the seal of the department ofbudget and finance shall be affixed thereto.

All expenses necessary for the providing of anyduplicate bond, coupon, or both, as the case may be, or certificate ofownership shall be borne by the owner thereof and the expenses shall be paid atthe time the request for replacement is filed. [L 1988, c 28, pt of §3]