Public Finance

Bonded Indebtedness of State

SECTION 35-8-1

§ 35-8-1. Certificates of indebtedness issued for coupon bonds surrendered – Transfer.

(a) Whenever the holder of any coupon bond of this state shall surrender the bond, with the unpaid coupons belonging thereto, to the general treasurer, and shall request that he or she issue a certificate of that surrender, the general treasurer shall make an entry of the surrender in a book, to be by him or her kept for that purpose, and he or she shall issue a certificate thereof to the person surrendering the bond, countersigned by the secretary of state, who shall affix thereto the seal of the state, which certificate shall be duly recorded, and shall entitle the person receiving the certificate to receive the amount mentioned in the surrendered bond, and the interest thereon, at the times and places in the surrendered bond set forth.

(b) The certificate shall not be transferable except by order of the holder thereof, or of his or her personal representative, made thereon, with notice to the general treasurer of the assignment. Upon the receipt of notice of the assignment, the general treasurer shall enter a memorandum thereof upon the record of the certificate. Whenever a certificate of indebtedness issued in accordance with these provisions is transferred, the general treasurer shall, on application of the person to whom the certificate is so transferred, cancel the certificate, and thereupon issue to the person a new certificate, countersigned and sealed, for the amount of principal then due on the certificate so cancelled.

History of Section.
(G.L. 1896, ch. 32, § 2; G.L. 1909, ch. 42, § 2; G.L. 1923, ch. 43, § 2; G.L. 1938, ch. 107, § 2; G.L. 1956, § 35-8-1.)