Sec. 313.
If a municipal security has become mutilated, then the governing body of the municipality may by resolution provide for the issuance of a new municipal security with like terms, in exchange for and substitution of the mutilated municipal security. In all such cases the holder shall pay the reasonable expenses and charges of such an exchange.
History: 2001, Act 34, Eff. Mar. 1, 2002
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 34 of 2001 - Revised Municipal Finance Act (141.2101 - 141.2821)
34-2001-III - Part III General (141.2301...141.2323)
Section 141.2301 - Issuance of Municipal Security.
Section 141.2307 - Proposed Bulletin; Public Comment Period.
Section 141.2308 - Limited Tax Full Faith and Credit Pledge; Notice.
Section 141.2309 - Sale of Municipal Security at Competitive or Negotiated Sale; Requirements.
Section 141.2313 - Mutilated Security; Substitution.
Section 141.2317 - Interest Rate Exchange or Swap, Hedge, or Similar Agreement; Definitions.
Section 141.2321 - Filing in Electronic Format.
Section 141.2323 - Municipal Security Issued Without Department Approval; Rating.