Law:Title 9. Public Securities. Subtitle A. General Provisions from Chapter 1203. Registrar For Public Security (Texas)

From Law Delta

Revision as of 21:07, 28 September 2011 by Admin (Talk | contribs)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search

Subtitle A. General Provisions

Contents

Chapter 1203. Registrar For Public Security

Subchapter A. General Provisions

Section  1203.001.  Definitions.

In this chapter:

(1)  "Fully registrable," with respect to a public security, means that:

(A)  the principal of and interest on the public security are payable only to the registered owner of the public security;

(B)  the principal of the public security is payable on presentation of the public security at the place of payment; and

(C)  the interest on the public security is payable to the registered owner of the public security at the most recent address of that owner as shown on the books of the registrar.

(2)  "Issuer" means this state or a department, board, authority, agency, district, municipal corporation, political subdivision, instrumentality, or other political corporation of this state that is authorized to issue public securities.

(3)  "Public security" means a bond, note, certificate of obligation, certificate of indebtedness, or other obligation for the payment of money lawfully issued by an issuer.

(4)  "Public security authorization" means the resolution, order, or ordinance authorizing the issuance of a public security.

(5)  "Registered owner" means:

(A)  the payee named in a fully registrable public security; or

(B)  the legal representative of or successor to that payee.

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



Section  1203.002.  Effect On Uniform Commercial Code.

This chapter does not:

(1)  qualify Title 1, Business & Commerce Code; or

(2)  limit the negotiability of a public security as provided by that title.

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



Section  1203.003.  Conflict With Municipal Charter.

To the extent of a conflict between this chapter and a municipal charter, this chapter controls.

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



Subchapter B. Registration Of Public Security

Section  1203.021.  Registrar For Public Security; Designation In Proceedings.

(a) The public security authorization that authorizes a fully registrable public security shall designate the registrar for the security.

(b)  The registrar may be:

(1)  the comptroller;

(2)  a home-rule municipality with a population of more than 100,000, as to a security of the municipality;

(3)  a county with a population of more than 100,000, as to a security of the county;

(4)  a bank, including a commercial bank, at which the principal of the security is payable; or

(5)  a trust company organized under a law of this state.

(c)  Designation of a county as registrar for a public security issued by the county is effective only if the commissioners court of the county makes the designation with regard to an issuance of debt.

(d)  The county treasurer or the county officer who has the powers and duties of the county treasurer shall perform the registration duties for a county that is designated a registrar.

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



Section  1203.022.  Registration Of Public Security; Conflict With Public Security Authorization.

(a) A fully registrable public security may be registered as provided by the public security authorization relating to the security.

(b)  To the extent of a conflict between this chapter and a public security authorization that provides that a public security is fully registrable, this chapter prevails.

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



Section  1203.023.  Maintenance Of Registrar Records By Trust Company Or Commercial Bank.

At the direction of the issuer, a trust company or a commercial bank acting as a registrar under this chapter shall maintain the registrar records in this state.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 769, Sec. 3, eff. Sept. 1, 2001.



Section  1203.024.  Change Of Name Or Address Of Registered Owner.

If the comptroller is designated under this chapter as registrar of a public security and the comptroller's registration book reflects the change of name or address of a registered owner of the security, the comptroller shall notify each paying agent of the change.

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



Section  1203.025.  Cost And Expenses For Registration Or Exchange Of Public Security.

A public security authorization that authorizes the issuance of a public security that is, initially or by exchange or conversion, fully registrable shall state the part of the cost and expense of registering or exchanging the security that the issuer will pay, including fees of the registrar named in the public security authorization.

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



Section  1203.026.  Comptroller's Rules And Fee Schedule.

The comptroller shall:

(1)  adopt rules for the comptroller's performance of services under this chapter; and

(2)  publish a schedule of fees for performing those services.

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



Subchapter C. Conversion Or Exchange Of Public Security

Section  1203.041.  Conversion Of Public Security.

(a) This section applies to a public security only if the public security authorization relating to the security:

(1)  provides for conversion of the security; and

(2)  names the comptroller as registrar.

(b)  A public security that is issued with one or more coupons becomes fully registrable if:

(1)  the security is presented to the comptroller; and

(2)  the comptroller removes each coupon.

(c)  A public security that is issued as a fully registrable security becomes a security with one or more coupons if:

(1)  the security is presented to the comptroller; and

(2)  the comptroller attaches an unmatured coupon or coupons to the security.

(d)  Attachment and removal of a coupon or coupons may occur successively from time to time.

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



Section  1203.042.  Approval And Registration Of Converted Or Exchanged Public Security.

(a) This section applies to a public security only if:

(1)  the public security authorization relating to the security provides that the security is fully registrable or is of the type that has one or more coupons and that the security may be exchanged; or

(2)  the security has been converted under Section 1203.041.

(b)  If the public security was initially approved by the attorney general and registered by the comptroller, on exchange or conversion of the security:

(1)  a public security that results from the exchange or conversion is considered to have been approved by the attorney general and registered by the comptroller;

(2)  the attorney general is not required to approve the resulting security; and

(3)  the comptroller is not required to register the resulting security.

(c)  If a public security is exchanged, the registrar shall have an appropriate inscription placed on the public security received in exchange verifying that the security received in exchange is in place of the security presented for exchange. The inscription must be manually signed.

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


Personal tools
Laws
Variants
Actions
Navigation
Toolbox