(a) (1) Each issuer may establish and maintain a system of registration with respect to each obligation that it issues. The system of registration may either be a system pursuant to which:(A) Only certificated registered public obligations are issued;(B) Only uncertificated registered public obligations are issued; or(C) Both certificated registered public obligations and uncertificated registered public obligations are issued.(2) The issuer may amend, discontinue, and reinstitute any system of registration, from time to time, subject to covenants.
(1) Each issuer may establish and maintain a system of registration with respect to each obligation that it issues. The system of registration may either be a system pursuant to which:(A) Only certificated registered public obligations are issued;(B) Only uncertificated registered public obligations are issued; or(C) Both certificated registered public obligations and uncertificated registered public obligations are issued.
(A) Only certificated registered public obligations are issued;
(B) Only uncertificated registered public obligations are issued; or
(C) Both certificated registered public obligations and uncertificated registered public obligations are issued.
(2) The issuer may amend, discontinue, and reinstitute any system of registration, from time to time, subject to covenants.
(b) The system of registration shall be established, amended, discontinued, or reinstituted for the issuer by, and shall be maintained for the issuer as provided by, the official or official body.
(c) The system of registration shall be described in the registered public obligation or in the official actions that provide for original issuance of the registered public obligation and in subsequent official actions providing for amendments and other matters from time to time. The description may be by reference to a program of the issuer that is established by the official or official body.
(d) (1) The system of registration shall define the methods by which transfer of the registered public obligation shall be effective with respect to the issuer and by which payment of principal and any interest shall be made.(2) The system of registration may:(A) Permit the issuance of registered public obligations in any denomination to represent several registered public obligations of smaller denominations; and(B) (i) Provide for:(a) The form of any certificated registered public obligation or of any writing relating to an uncertificated registered public obligation;(b) Identifying numbers or other designations;(c) A sufficient supply of certificates for subsequent transfers;(d) Record and payment dates;(e) Varying denominations;(f) Communications to holders or owners of obligations; and(g) Accounting, cancelled certificate destruction, registration and release of security interests, and other incidental matters.(ii) Unless the issuer otherwise provides, the record date for interest payable on the first or fifteenth day of a month shall be the fifteenth day or the last business day of the preceding month, respectively, and for interest payable on other than the first or fifteenth day of a month, shall be the fifteenth calendar day before the interest payment date.
(1) The system of registration shall define the methods by which transfer of the registered public obligation shall be effective with respect to the issuer and by which payment of principal and any interest shall be made.
(2) The system of registration may:(A) Permit the issuance of registered public obligations in any denomination to represent several registered public obligations of smaller denominations; and(B) (i) Provide for:(a) The form of any certificated registered public obligation or of any writing relating to an uncertificated registered public obligation;(b) Identifying numbers or other designations;(c) A sufficient supply of certificates for subsequent transfers;(d) Record and payment dates;(e) Varying denominations;(f) Communications to holders or owners of obligations; and(g) Accounting, cancelled certificate destruction, registration and release of security interests, and other incidental matters.(ii) Unless the issuer otherwise provides, the record date for interest payable on the first or fifteenth day of a month shall be the fifteenth day or the last business day of the preceding month, respectively, and for interest payable on other than the first or fifteenth day of a month, shall be the fifteenth calendar day before the interest payment date.
(A) Permit the issuance of registered public obligations in any denomination to represent several registered public obligations of smaller denominations; and
(B) (i) Provide for:(a) The form of any certificated registered public obligation or of any writing relating to an uncertificated registered public obligation;(b) Identifying numbers or other designations;(c) A sufficient supply of certificates for subsequent transfers;(d) Record and payment dates;(e) Varying denominations;(f) Communications to holders or owners of obligations; and(g) Accounting, cancelled certificate destruction, registration and release of security interests, and other incidental matters.(ii) Unless the issuer otherwise provides, the record date for interest payable on the first or fifteenth day of a month shall be the fifteenth day or the last business day of the preceding month, respectively, and for interest payable on other than the first or fifteenth day of a month, shall be the fifteenth calendar day before the interest payment date.
(i) Provide for:(a) The form of any certificated registered public obligation or of any writing relating to an uncertificated registered public obligation;(b) Identifying numbers or other designations;(c) A sufficient supply of certificates for subsequent transfers;(d) Record and payment dates;(e) Varying denominations;(f) Communications to holders or owners of obligations; and(g) Accounting, cancelled certificate destruction, registration and release of security interests, and other incidental matters.
(a) The form of any certificated registered public obligation or of any writing relating to an uncertificated registered public obligation;
(b) Identifying numbers or other designations;
(c) A sufficient supply of certificates for subsequent transfers;
(d) Record and payment dates;
(e) Varying denominations;
(f) Communications to holders or owners of obligations; and
(g) Accounting, cancelled certificate destruction, registration and release of security interests, and other incidental matters.
(ii) Unless the issuer otherwise provides, the record date for interest payable on the first or fifteenth day of a month shall be the fifteenth day or the last business day of the preceding month, respectively, and for interest payable on other than the first or fifteenth day of a month, shall be the fifteenth calendar day before the interest payment date.
(e) Under a system of registration pursuant to which both certificated registered public obligation and uncertificated registered public obligations are issued, both types of registered public obligations may be regularly issued, or one (1) type may be regularly issued and the other type issued only under described circumstances or to particular described categories of owners. Provision may be made for registration and release of security interest in registered public obligations.
(f) The system of registration may include covenants of the issuer as to amendments, discontinuances, and reinstitutions of the system of registration and the effect of such on the exemption of interest from the income tax provided for by the Internal Revenue Code, 26 U.S.C. § 1 et seq.
(g) Whenever an issuer issues an uncertificated registered public obligation, the system of registration may provide that a true copy of the official actions of the issuer relating to the uncertificated registered public obligations be maintained by the issuer or by the person, if any, maintaining the system of registration on behalf of the issuer, so long as the uncertificated registered public obligation remains outstanding and unpaid. A copy of these official actions, verified to be such by an authorized officer, are admissible before any court of record, administrative body, or arbitration panel without further authentication.
(h) This subchapter does not preclude a conversion from one (1) of the forms of registered public obligations provided for by this subchapter to a form of obligation not provided for by this subchapter if interest on the obligation so converted will continue to be exempt from the income tax provided for by the Internal Revenue Code, 26 U.S.C. § 1 et seq.
(i) The rights provided by other laws with respect to obligations in forms not provided for by this subchapter, to the extent not inconsistent with this subchapter, shall apply with respect to registered public obligations issued in forms authorized by this subchapter.