129.131 Definitions. Sec. 1. As used in this act: (a) “Paying agent” means either of the following: (i) For an obligation that is not registered as to payment of principal by or on behalf of the public corporation that issued the obligation, any bank or trust company designated by the public corporation to make payment […]
129.132 Replacement obligations; prerequisites to issuance; exercise of powers by paying agent; resolution; execution; seal. Sec. 2. (1) A public corporation, by resolution of the governing body or the state treasurer, may provide for issuance and delivery of a replacement obligation for an unmatured obligation or for payment without presentation of a matured obligation that […]
129.133 Replacement obligations; form; security; execution; formal requirements; indorsement. Sec. 3. A replacement obligation shall be of the same form and tenor and be secured in the same manner as the obligation originally issued. The replacement obligation shall be executed in the same manner and subject to the same formal requirements as those provided by […]
129.134 Replacement of unmatured interest coupons; payment of matured interest coupons. Sec. 4. The governing body may provide for replacement of unmatured interest coupons lost, destroyed, or wrongfully taken. Matured interest coupons shall not be replaced, and replacement coupons shall not be issued separately from a replacement obligation evidencing principal. The governing body may authorize […]
129.135 Repealed. 2000, Act 117, Imd. Eff. May 26, 2000. Compiler’s Notes: The repealed section pertained to the authority of the department to promulgate rules to implement the act.
