State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1203-registrar-for-public-security

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE A. GENERAL PROVISIONS

CHAPTER 1203. REGISTRAR FOR PUBLIC SECURITY

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1203.001. DEFINITIONS. In this chapter:

(1) "Fully registrable," with respect to a public security,

means that:

(A) the principal of and interest on the public security are

payable only to the registered owner of the public security;

(B) the principal of the public security is payable on

presentation of the public security at the place of payment; and

(C) the interest on the public security is payable to the

registered owner of the public security at the most recent

address of that owner as shown on the books of the registrar.

(2) "Issuer" means this state or a department, board, authority,

agency, district, municipal corporation, political subdivision,

instrumentality, or other political corporation of this state

that is authorized to issue public securities.

(3) "Public security" means a bond, note, certificate of

obligation, certificate of indebtedness, or other obligation for

the payment of money lawfully issued by an issuer.

(4) "Public security authorization" means the resolution, order,

or ordinance authorizing the issuance of a public security.

(5) "Registered owner" means:

(A) the payee named in a fully registrable public security; or

(B) the legal representative of or successor to that payee.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.002. EFFECT ON UNIFORM COMMERCIAL CODE. This chapter

does not:

(1) qualify Title 1, Business & Commerce Code; or

(2) limit the negotiability of a public security as provided by

that title.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.003. CONFLICT WITH MUNICIPAL CHARTER. To the extent

of a conflict between this chapter and a municipal charter, this

chapter controls.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER B. REGISTRATION OF PUBLIC SECURITY

Sec. 1203.021. REGISTRAR FOR PUBLIC SECURITY; DESIGNATION IN

PROCEEDINGS. (a) The public security authorization that

authorizes a fully registrable public security shall designate

the registrar for the security.

(b) The registrar may be:

(1) the comptroller;

(2) a home-rule municipality with a population of more than

100,000, as to a security of the municipality;

(3) a county with a population of more than 100,000, as to a

security of the county;

(4) a bank, including a commercial bank, at which the principal

of the security is payable; or

(5) a trust company organized under a law of this state.

(c) Designation of a county as registrar for a public security

issued by the county is effective only if the commissioners court

of the county makes the designation with regard to an issuance of

debt.

(d) The county treasurer or the county officer who has the

powers and duties of the county treasurer shall perform the

registration duties for a county that is designated a registrar.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.022. REGISTRATION OF PUBLIC SECURITY; CONFLICT WITH

PUBLIC SECURITY AUTHORIZATION. (a) A fully registrable public

security may be registered as provided by the public security

authorization relating to the security.

(b) To the extent of a conflict between this chapter and a

public security authorization that provides that a public

security is fully registrable, this chapter prevails.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.023. MAINTENANCE OF REGISTRAR RECORDS BY TRUST COMPANY

OR COMMERCIAL BANK. At the direction of the issuer, a trust

company or a commercial bank acting as a registrar under this

chapter shall maintain the registrar records in this state.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999. Amended by Acts 2001, 77th Leg., ch. 769, Sec. 3, eff.

Sept. 1, 2001.

Sec. 1203.024. CHANGE OF NAME OR ADDRESS OF REGISTERED OWNER.

If the comptroller is designated under this chapter as registrar

of a public security and the comptroller's registration book

reflects the change of name or address of a registered owner of

the security, the comptroller shall notify each paying agent of

the change.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.025. COST AND EXPENSES FOR REGISTRATION OR EXCHANGE OF

PUBLIC SECURITY. A public security authorization that authorizes

the issuance of a public security that is, initially or by

exchange or conversion, fully registrable shall state the part of

the cost and expense of registering or exchanging the security

that the issuer will pay, including fees of the registrar named

in the public security authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.026. COMPTROLLER'S RULES AND FEE SCHEDULE. The

comptroller shall:

(1) adopt rules for the comptroller's performance of services

under this chapter; and

(2) publish a schedule of fees for performing those services.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER C. CONVERSION OR EXCHANGE OF PUBLIC SECURITY

Sec. 1203.041. CONVERSION OF PUBLIC SECURITY. (a) This section

applies to a public security only if the public security

authorization relating to the security:

(1) provides for conversion of the security; and

(2) names the comptroller as registrar.

(b) A public security that is issued with one or more coupons

becomes fully registrable if:

(1) the security is presented to the comptroller; and

(2) the comptroller removes each coupon.

(c) A public security that is issued as a fully registrable

security becomes a security with one or more coupons if:

(1) the security is presented to the comptroller; and

(2) the comptroller attaches an unmatured coupon or coupons to

the security.

(d) Attachment and removal of a coupon or coupons may occur

successively from time to time.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.042. APPROVAL AND REGISTRATION OF CONVERTED OR

EXCHANGED PUBLIC SECURITY. (a) This section applies to a public

security only if:

(1) the public security authorization relating to the security

provides that the security is fully registrable or is of the type

that has one or more coupons and that the security may be

exchanged; or

(2) the security has been converted under Section 1203.041.

(b) If the public security was initially approved by the

attorney general and registered by the comptroller, on exchange

or conversion of the security:

(1) a public security that results from the exchange or

conversion is considered to have been approved by the attorney

general and registered by the comptroller;

(2) the attorney general is not required to approve the

resulting security; and

(3) the comptroller is not required to register the resulting

security.

(c) If a public security is exchanged, the registrar shall have

an appropriate inscription placed on the public security received

in exchange verifying that the security received in exchange is

in place of the security presented for exchange. The inscription

must be manually signed.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1203-registrar-for-public-security

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE A. GENERAL PROVISIONS

CHAPTER 1203. REGISTRAR FOR PUBLIC SECURITY

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1203.001. DEFINITIONS. In this chapter:

(1) "Fully registrable," with respect to a public security,

means that:

(A) the principal of and interest on the public security are

payable only to the registered owner of the public security;

(B) the principal of the public security is payable on

presentation of the public security at the place of payment; and

(C) the interest on the public security is payable to the

registered owner of the public security at the most recent

address of that owner as shown on the books of the registrar.

(2) "Issuer" means this state or a department, board, authority,

agency, district, municipal corporation, political subdivision,

instrumentality, or other political corporation of this state

that is authorized to issue public securities.

(3) "Public security" means a bond, note, certificate of

obligation, certificate of indebtedness, or other obligation for

the payment of money lawfully issued by an issuer.

(4) "Public security authorization" means the resolution, order,

or ordinance authorizing the issuance of a public security.

(5) "Registered owner" means:

(A) the payee named in a fully registrable public security; or

(B) the legal representative of or successor to that payee.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.002. EFFECT ON UNIFORM COMMERCIAL CODE. This chapter

does not:

(1) qualify Title 1, Business & Commerce Code; or

(2) limit the negotiability of a public security as provided by

that title.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.003. CONFLICT WITH MUNICIPAL CHARTER. To the extent

of a conflict between this chapter and a municipal charter, this

chapter controls.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER B. REGISTRATION OF PUBLIC SECURITY

Sec. 1203.021. REGISTRAR FOR PUBLIC SECURITY; DESIGNATION IN

PROCEEDINGS. (a) The public security authorization that

authorizes a fully registrable public security shall designate

the registrar for the security.

(b) The registrar may be:

(1) the comptroller;

(2) a home-rule municipality with a population of more than

100,000, as to a security of the municipality;

(3) a county with a population of more than 100,000, as to a

security of the county;

(4) a bank, including a commercial bank, at which the principal

of the security is payable; or

(5) a trust company organized under a law of this state.

(c) Designation of a county as registrar for a public security

issued by the county is effective only if the commissioners court

of the county makes the designation with regard to an issuance of

debt.

(d) The county treasurer or the county officer who has the

powers and duties of the county treasurer shall perform the

registration duties for a county that is designated a registrar.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.022. REGISTRATION OF PUBLIC SECURITY; CONFLICT WITH

PUBLIC SECURITY AUTHORIZATION. (a) A fully registrable public

security may be registered as provided by the public security

authorization relating to the security.

(b) To the extent of a conflict between this chapter and a

public security authorization that provides that a public

security is fully registrable, this chapter prevails.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.023. MAINTENANCE OF REGISTRAR RECORDS BY TRUST COMPANY

OR COMMERCIAL BANK. At the direction of the issuer, a trust

company or a commercial bank acting as a registrar under this

chapter shall maintain the registrar records in this state.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999. Amended by Acts 2001, 77th Leg., ch. 769, Sec. 3, eff.

Sept. 1, 2001.

Sec. 1203.024. CHANGE OF NAME OR ADDRESS OF REGISTERED OWNER.

If the comptroller is designated under this chapter as registrar

of a public security and the comptroller's registration book

reflects the change of name or address of a registered owner of

the security, the comptroller shall notify each paying agent of

the change.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.025. COST AND EXPENSES FOR REGISTRATION OR EXCHANGE OF

PUBLIC SECURITY. A public security authorization that authorizes

the issuance of a public security that is, initially or by

exchange or conversion, fully registrable shall state the part of

the cost and expense of registering or exchanging the security

that the issuer will pay, including fees of the registrar named

in the public security authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.026. COMPTROLLER'S RULES AND FEE SCHEDULE. The

comptroller shall:

(1) adopt rules for the comptroller's performance of services

under this chapter; and

(2) publish a schedule of fees for performing those services.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER C. CONVERSION OR EXCHANGE OF PUBLIC SECURITY

Sec. 1203.041. CONVERSION OF PUBLIC SECURITY. (a) This section

applies to a public security only if the public security

authorization relating to the security:

(1) provides for conversion of the security; and

(2) names the comptroller as registrar.

(b) A public security that is issued with one or more coupons

becomes fully registrable if:

(1) the security is presented to the comptroller; and

(2) the comptroller removes each coupon.

(c) A public security that is issued as a fully registrable

security becomes a security with one or more coupons if:

(1) the security is presented to the comptroller; and

(2) the comptroller attaches an unmatured coupon or coupons to

the security.

(d) Attachment and removal of a coupon or coupons may occur

successively from time to time.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.042. APPROVAL AND REGISTRATION OF CONVERTED OR

EXCHANGED PUBLIC SECURITY. (a) This section applies to a public

security only if:

(1) the public security authorization relating to the security

provides that the security is fully registrable or is of the type

that has one or more coupons and that the security may be

exchanged; or

(2) the security has been converted under Section 1203.041.

(b) If the public security was initially approved by the

attorney general and registered by the comptroller, on exchange

or conversion of the security:

(1) a public security that results from the exchange or

conversion is considered to have been approved by the attorney

general and registered by the comptroller;

(2) the attorney general is not required to approve the

resulting security; and

(3) the comptroller is not required to register the resulting

security.

(c) If a public security is exchanged, the registrar shall have

an appropriate inscription placed on the public security received

in exchange verifying that the security received in exchange is

in place of the security presented for exchange. The inscription

must be manually signed.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.


State Codes and Statutes


Back To Homepage

State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1203-registrar-for-public-security

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE A. GENERAL PROVISIONS

CHAPTER 1203. REGISTRAR FOR PUBLIC SECURITY

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1203.001. DEFINITIONS. In this chapter:

(1) "Fully registrable," with respect to a public security,

means that:

(A) the principal of and interest on the public security are

payable only to the registered owner of the public security;

(B) the principal of the public security is payable on

presentation of the public security at the place of payment; and

(C) the interest on the public security is payable to the

registered owner of the public security at the most recent

address of that owner as shown on the books of the registrar.

(2) "Issuer" means this state or a department, board, authority,

agency, district, municipal corporation, political subdivision,

instrumentality, or other political corporation of this state

that is authorized to issue public securities.

(3) "Public security" means a bond, note, certificate of

obligation, certificate of indebtedness, or other obligation for

the payment of money lawfully issued by an issuer.

(4) "Public security authorization" means the resolution, order,

or ordinance authorizing the issuance of a public security.

(5) "Registered owner" means:

(A) the payee named in a fully registrable public security; or

(B) the legal representative of or successor to that payee.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.002. EFFECT ON UNIFORM COMMERCIAL CODE. This chapter

does not:

(1) qualify Title 1, Business & Commerce Code; or

(2) limit the negotiability of a public security as provided by

that title.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.003. CONFLICT WITH MUNICIPAL CHARTER. To the extent

of a conflict between this chapter and a municipal charter, this

chapter controls.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER B. REGISTRATION OF PUBLIC SECURITY

Sec. 1203.021. REGISTRAR FOR PUBLIC SECURITY; DESIGNATION IN

PROCEEDINGS. (a) The public security authorization that

authorizes a fully registrable public security shall designate

the registrar for the security.

(b) The registrar may be:

(1) the comptroller;

(2) a home-rule municipality with a population of more than

100,000, as to a security of the municipality;

(3) a county with a population of more than 100,000, as to a

security of the county;

(4) a bank, including a commercial bank, at which the principal

of the security is payable; or

(5) a trust company organized under a law of this state.

(c) Designation of a county as registrar for a public security

issued by the county is effective only if the commissioners court

of the county makes the designation with regard to an issuance of

debt.

(d) The county treasurer or the county officer who has the

powers and duties of the county treasurer shall perform the

registration duties for a county that is designated a registrar.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.022. REGISTRATION OF PUBLIC SECURITY; CONFLICT WITH

PUBLIC SECURITY AUTHORIZATION. (a) A fully registrable public

security may be registered as provided by the public security

authorization relating to the security.

(b) To the extent of a conflict between this chapter and a

public security authorization that provides that a public

security is fully registrable, this chapter prevails.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.023. MAINTENANCE OF REGISTRAR RECORDS BY TRUST COMPANY

OR COMMERCIAL BANK. At the direction of the issuer, a trust

company or a commercial bank acting as a registrar under this

chapter shall maintain the registrar records in this state.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999. Amended by Acts 2001, 77th Leg., ch. 769, Sec. 3, eff.

Sept. 1, 2001.

Sec. 1203.024. CHANGE OF NAME OR ADDRESS OF REGISTERED OWNER.

If the comptroller is designated under this chapter as registrar

of a public security and the comptroller's registration book

reflects the change of name or address of a registered owner of

the security, the comptroller shall notify each paying agent of

the change.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.025. COST AND EXPENSES FOR REGISTRATION OR EXCHANGE OF

PUBLIC SECURITY. A public security authorization that authorizes

the issuance of a public security that is, initially or by

exchange or conversion, fully registrable shall state the part of

the cost and expense of registering or exchanging the security

that the issuer will pay, including fees of the registrar named

in the public security authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.026. COMPTROLLER'S RULES AND FEE SCHEDULE. The

comptroller shall:

(1) adopt rules for the comptroller's performance of services

under this chapter; and

(2) publish a schedule of fees for performing those services.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER C. CONVERSION OR EXCHANGE OF PUBLIC SECURITY

Sec. 1203.041. CONVERSION OF PUBLIC SECURITY. (a) This section

applies to a public security only if the public security

authorization relating to the security:

(1) provides for conversion of the security; and

(2) names the comptroller as registrar.

(b) A public security that is issued with one or more coupons

becomes fully registrable if:

(1) the security is presented to the comptroller; and

(2) the comptroller removes each coupon.

(c) A public security that is issued as a fully registrable

security becomes a security with one or more coupons if:

(1) the security is presented to the comptroller; and

(2) the comptroller attaches an unmatured coupon or coupons to

the security.

(d) Attachment and removal of a coupon or coupons may occur

successively from time to time.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1203.042. APPROVAL AND REGISTRATION OF CONVERTED OR

EXCHANGED PUBLIC SECURITY. (a) This section applies to a public

security only if:

(1) the public security authorization relating to the security

provides that the security is fully registrable or is of the type

that has one or more coupons and that the security may be

exchanged; or

(2) the security has been converted under Section 1203.041.

(b) If the public security was initially approved by the

attorney general and registered by the comptroller, on exchange

or conversion of the security:

(1) a public security that results from the exchange or

conversion is considered to have been approved by the attorney

general and registered by the comptroller;

(2) the attorney general is not required to approve the

resulting security; and

(3) the comptroller is not required to register the resulting

security.

(c) If a public security is exchanged, the registrar shall have

an appropriate inscription placed on the public security received

in exchange verifying that the security received in exchange is

in place of the security presented for exchange. The inscription

must be manually signed.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.


Disclaimer
There is no confidential attorney-client relationship formed by using Laws.com website and information provided on this site is not legal advice. For legal advice, please contact your attorney. Attorneys listed on this website are not referred or endorsed by this website. By using Laws.com you agree to Laws.com Terms Of Use.
Copyright © 2017 Laws.com | All rights reserved

Loading..

Close Window

Loading, Please Wait!

This may take a second or two.