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Texas Laws | Government Code
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES

(2) provide procedures for transferring or exchanging a public security for a previously issued public security. (74479)

(b) A public security or an interest coupon may be converted, on request of a bearer or owner, in an aggregate principal amount equal to the unpaid principal amount of the public security being converted, bearing interest at the same rate or rates as the security being converted, to: (74480)

(1) a public security with interest coupons, payable to the bearer, and registrable as to principal and interest or only as to principal; (74481)

(2) a fully registered public security without interest coupons; or (74482)

(3) any other form, in any denomination. (74483)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74484)

Sec. 1201.062. CHANGE OR CONVERSION OF PUBLIC SECURITY. (74485)(Text)

If a public security authorization provides a procedure for changing or converting a public security, an additional resolution, order, or ordinance is not required to change or convert the security. (74486)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74487)

Sec. 1201.063. EXECUTION AND EXCHANGE OF NEW PUBLIC SECURITY. (74488)(Text)

(a) On request of the bearer or owner of a public security, if required or necessary, an appropriate officer of the issuer shall execute and exchange an appropriate new public security for the changed or converted public security. (74489)

(b) If a public security that is changed or converted has interest coupons, appropriate new coupons shall also be executed and exchanged. (74490)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74491)

Sec. 1201.064. SUBMISSION OF NEW PUBLIC SECURITY TO ATTORNEY GENERAL. (74492)(Text)

Except as provided by Section 1201.067, an issuer that changes or converts a public security that has been registered by the comptroller shall submit the new public security to the attorney general for approval. (74493)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74494)

Sec. 1201.065. APPROVAL OF NEW PUBLIC SECURITY BY ATTORNEY GENERAL. (74495)(Text)

The attorney general shall approve a new public security if the attorney general finds that the new public security has been printed or entered on the books of the registrar and executed and issued as provided by law and a public security authorization relating to the public security being changed or converted. (74496)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74497)

Sec. 1201.066. REGISTRATION OF NEW PUBLIC SECURITY BY COMPTROLLER. (74498)(Text)

(a) The comptroller shall register and deliver a new public security after: (74499)

(1) approval of the new public security by the attorney general; and (74500)

(2) the surrender to and the cancellation by the comptroller of each changed or converted public security. (74501)

(b) On registration the new public security is valid and incontestable for all purposes. (74502)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74503)

Sec. 1201.067. EXCEPTION TO APPROVAL REQUIREMENT. (74504)(Text)

(a) If the duty to convert or reconvert a public security or interest coupon or to transfer or exchange a public security is imposed on a corporate trustee under a trust agreement or indenture securing the public security or on a paying agent for the public security, the attorney general is not required to approve and the comptroller is not required to register: (74505)

(1) the converted or reconverted public security or interest coupon; or (74506)

(2) the public security delivered on transfer or exchange of the previously issued public security. (74507)

(b) A converted or reconverted public security or interest coupon, or a transferred or exchanged public security, is valid and incontestable in the same manner and with the same effect as the previously issued public security. (74508)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74509)

CHAPTER 1202. EXAMINATION AND REGISTRATION OF PUBLIC SECURITIES (74510)(Text)
Sec. 1202.001. DEFINITIONS. (74511)(Text)

In this chapter: (74512)

(1) "Issuance" means the initial delivery by an issuer of evidence of an obligation of a public security issued by the issuer to the initial purchaser in exchange for the purchase price of the public security. (74513)

(2) "Issuer" means: (74514)

(A) an agency, authority, board, body politic, department, district, instrumentality, municipal corporation, political subdivision, public corporation, or subdivision of this state; or (74515)

(B) a nonprofit corporation acting for or on behalf of an entity described by Paragraph (A). (74516)

(3) "Public security" means an instrument, including a bond, note, certificate of obligation, certificate of participation or other instrument evidencing a proportionate interest in payments due to be paid by an issuer, or other type of obligation that: (74517)

(A) is issued or incurred by an issuer under the issuer's borrowing power, without regard to whether it is subject to annual appropriation; and (74518)

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