State Codes and Statutes
Statutes > Utah > Title-15 > Chapter-07 > 15-7-415-7-4. Registration system established by issuer.
(1) Each issuer is authorized to establish and maintain a system of registration withrespect to each obligation it issues. The system may either be (a) a system pursuant to which onlycertificated registered public obligations are issued, or (b) a system pursuant to which onlyuncertificated registered public obligations are issued, or (c) a system pursuant to which bothcertificated and uncertificated registered public obligations are issued. The issuer may amend,discontinue, and reinstitute any system, from time to time, subject to covenants.
(2) The system shall be established, amended, discontinued, or reinstituted, for the issuerby, and shall be maintained for the issuer as provided by, the official or official body.
(3) The system shall be described in the registered public obligation or in the officialactions which provide for original issuance of the registered public obligation, and in subsequentofficial actions providing for amendments and other matters from time to time. The descriptionmay be by reference to a program of the issuer which is established by the official or officialbody.
(4) The system shall define the method or methods by which transfer of the registeredpublic obligation is effective with respect to the issuer, and by which payment of principal andany interest shall be made. The system may permit the issuance of registered public obligations inany denomination to represent several registered public obligations of smaller denominations. Thesystem may also provide for the form of any certificated registered public obligation or of anywriting relating to an uncertificated registered public obligation, for identifying numbers or otherdesignations, for a sufficient supply of certificates for subsequent transfers, for record andpayment dates, for varying denominations, for communications to holders or owners ofobligations, and for accounting, cancelled certificate destruction, registration and release ofsecurity interests and other incidental matters. Unless the issuer otherwise provides, the recorddate for interest payable on the first or fifteenth days of a month shall be the fifteenth day or thelast business day of the preceding month, respectively, and for interest payable on other than thefirst or fifteenth days of a month, shall be the fifteenth calendar day before the interest paymentdate.
(5) Under a system pursuant to which both certificated and uncertificated registeredpublic obligations are issued, both types of registered public obligations may be regularly issued,or one type may be regularly issued and the other type issued only under described circumstancesor to particular described categories of owners and provision may be made for registration andrelease of security interests in registered public obligations.
(6) The system may include covenants of the issuer as to amendments, discontinuances,and reinstitutions of the system and the effect of such on the exemption of interest from theincome tax provided for by the Code.
(7) Whenever an issuer issues an uncertificated registered public obligation, the system ofregistration may provide that, as long as the uncertified registered obligation remains outstandingand unpaid, a true copy of the official actions of the issuer relating to the uncertificated registeredpublic obligation will be maintained by the issuer or by the person, if any, maintaining the systemon behalf of the issuer. A copy of such official actions verified by an authorized officer isadmissible before any court of record, administrative body, or arbitration panel without furtherauthentication.
(8) Nothing in this act precludes conversion from one form of registered public obligationprovided by this act to a form of obligation not provided by this act if interest on the converted
obligation continues to be exempt from income taxation under the Code.
(9) Rights provided by other laws with respect to obligations in forms not provided bythis act shall, to the extent not inconsistent with this act, apply with respect to registered publicobligations issued in forms authorized by this act.
Enacted by Chapter 62, 1983 General Session
