§ 159E-4. Systems of registration.
§ 159E‑4. Systemsof registration.
(a) Each issuer, with the approval of the Commission, isauthorized to establish and maintain a system of registration with respect toeach obligation which it issues. The system may either be (i) a system pursuantto which only certificated registered public obligations are issued, or (ii) asystem pursuant to which only uncertificated registered public obligations areissued, or (iii) a system pursuant to which both certificated anduncertificated registered public obligations are issued. The issuer may amend,discontinue and reinstitute any system, from time to time, subject tocovenants.
(b) The system shall be established, amended, discontinued, orreinstituted, for the issuer by the official or official body.
(c) The system shall be described in the registered publicobligation or in the official actions which provide for original issuance ofthe registered public obligation, and in subsequent official actions providingfor amendments and other matters from time to time. Such description may be byreference to a program of the issuer which is established by the official orofficial body.
(d) The system shall define the method or methods by whichtransfer of the public obligations shall be effective with respect to the issuer,and by which payment of principal and any interest shall be made. The systemmay permit the issuance of registered public obligations in any denomination torepresent several registered public obligations of smaller denominations. Thesystem may also provide for the form of any certificated registered publicobligation, or of any writing relating to an uncertificated registered publicobligation, for identifying numbers or other designations, for a sufficientsupply of certificates for subsequent transfers, for record and payment dates,for varying denominations, for communications to holders or owners ofobligations, and for accounting, cancelled certificate destruction and otherincidental matters. Unless the issuer otherwise provides, the record date forinterest payable on the first or fifteenth day of a month shall be thefifteenth 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 pursuant to which both certificated anduncertificated registered public obligations are issued, both types ofregistered public obligations may be regularly issued, or one type may be regularlyissued and the other type issued only under described circumstances or toparticular described categories of owners.
(f) The system may include covenants of the issuer as toamendments, discontinuances, and reinstitutions of the system and the effect ofsuch on the exemption of interest from the income tax provided for by the Code.
(g) Whenever an issuer shall issue an uncertificated registeredpublic obligation, the system of registration may provide that a true copy ofthe official actions of the issuer relating to such uncertificated registeredpublic obligation be maintained by the issuer or by the person, if any,maintaining such system on behalf of the issuer, so long as the uncertificatedregistered public obligation remains outstanding and unpaid. A copy of suchofficial actions, verified to be such by an authorized officer, shall beadmissible before any court of record, administrative body or arbitration panelwithout further authentication.
(h) Nothing in this Chapter shall preclude a conversion from oneof the forms of registered public obligations provided for by this Chapter to aform of obligation not provided for by this Chapter if interest on theobligation so converted will continue to be exempt from the income tax providedfor by the Code.
(i) The rights provided by other laws with respect toobligations in forms not provided for by this Chapter shall, to the extent notinconsistent with this Chapter, apply with respect to registered publicobligations issued in forms authorized by this Chapter. This includesSubchapter IV of Chapter 159 of the General Statutes and the "StateDebt" provisions of Chapter 142 of the General Statutes. (1983, c. 322, s. 1.)