New York Laws
Title 5 - Local Obligations: Registration, Conversion and Reconversion Thereof
73.00 - Conversion and Reconversion of Registered Bonds.

§ 73.00 Conversion and reconversion of registered bonds. a. A bond
issue in registered form, if it so provides, shall be converted into a
coupon bond at the request of the registered holder, or his legal
representatives, successors or transferees, in the same manner as is
provided in section 72.00 of this chapter for the reconversion of a
coupon bond which has been converted into a registered bond, except that
only a new bond with coupons shall be issued. Such new coupon bond shall
be payable according to the terms of the original bond. A bond
heretofore or hereafter issued in registered form, which does not
provide that it may be converted into a coupon bond, shall be converted
into a coupon bond at the request of the registered holder or his legal
representatives, successors or transferees, provided the issue of which
such bond is a part was sold at public sale and the notice of such sale
provided for the issuance of bonds in bearer form with coupons with the
right of conversion into registered form, and provided the finance board
of the issuer shall adopt a resolution authorizing such conversion and
prescribing the form of the bond and the coupons for unmatured interest.
Such bond, in such event, shall be converted in the same manner as is
provided in section 72.00 of this chapter for the reconversion of a
coupon bond which has been converted into a registered bond, except that
only a new bond with coupons shall be issued and such new coupon bond
shall be payable according to the terms of the original bond.

b. A registered bond which has been so converted may be reconverted
into a registered bond in the same manner as is provided in section
71.00 of this chapter for the conversion of a coupon bond into a
registered bond.

c. Such bond may again and from time to time be converted into a
coupon bond and reconverted into a registered bond in the manner
provided in this section.

Structure New York Laws