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§§39-31 to 34  REPEALED.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 it
appears to the director of finance by clear proof satisfactory to the director
of finance that any bond of the State, without bad faith upon the part of the
owner, has been lost, stolen, destroyed wholly or in part, or so defaced as to
impair its value to the owner; the lost, stolen, wholly or partially destroyed,
or defaced bond is identified by number and description; and the request for
issuance of a new bond was made before the director of finance had notice that
the lost, stolen, wholly or partially destroyed, or defaced bond had been
acquired by a bona fide purchaser; the director of finance, under such
conditions and upon such security as prescribed in section 39-33, shall cause
to 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 that
in the case of fully registered bonds the duplicate may be numbered in the
manner as the registrar deems proper.



(b)  All duplicate bonds in coupon form issued
in place of bonds lost, stolen, wholly or partially destroyed, or defaced shall
be lithographed or steel engraved unless otherwise provided in the proceedings
authorizing the issuance thereof, and shall bear the manual signatures of the
director of finance or a duly authorized deputy director of finance and the
comptroller, and an impression of the seal of the department of budget and
finance shall be affixed thereon.  Interest coupons shall bear a lithographed
or engraved facsimile of the signature of the director of finance.  Each
signature of an officer on a duplicate coupon bond shall be the signature of
the person serving as the officer on the date of signing and any duplicate
coupon bond so executed and sealed shall be valid and sufficient for all
purposes.  All duplicate bonds in fully registered form issued in place of
bonds lost, stolen, wholly or partially destroyed, or defaced shall be from the
stock of fully registered bonds of the series then held by the registrar for
that series and shall be executed, sealed, and authenticated in the same manner
as fully registered bonds of that series.  Any duplicate fully registered bond
executed, sealed, and authenticated as provided in this section shall be valid
and sufficient for all purposes.



When the lost, stolen, wholly or partially
destroyed, or defaced bond appears to have been of a class or series that has
been called or will be called in for redemption or will mature within a period
of one year following the date of application for a duplicate bond, instead of
issuing a duplicate bond therefor, the director of finance, under conditions
and upon such security, if any, as the director of finance may prescribe, may
pay the bond at its call date with interest if it is already called for redemption
or if it is to be called for redemption or will mature within the period of one
year, or may issue a transferable certificate of ownership to the applicant,
and pay on the certificate the call price of the bond represented thereby
together with interest called for by the lost, stolen, wholly or partially
destroyed, or defaced bond on the date of its call or its original maturity
upon surrender of the certificate of ownership.  All transferable certificates
of ownership which may be issued pursuant to the terms hereof shall be in such
form as the director of finance may prescribe and shall be signed by the
director of finance or a duly authorized deputy director of finance and by the
comptroller of the State, and an impression of the seal of the department of
budget and finance shall be affixed thereto.



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