California · Military and Veterans Code - MVC

MVC §1002.5: A resolution of issuance may provide for the forms, denominations, registration, transfer and interchange of debentures issued thereunder.

What this law says, in plain English

This statute permits a resolution authorizing debenture issuance to specify the forms, denominations, registration, transfer, and interchange terms for those debentures.

Read the full statutory text

A resolution of issuance may provide for the forms, denominations, registration, transfer and interchange of debentures issued thereunder. Debentures may be issued as coupon debentures or as registered debentures in any denomination or denominations authorized by the resolution of issuance. A resolution of issuance may provide for the interchange of coupon debentures for registered debentures and of registered debentures for coupon debentures, and may provide for the registration of coupon debentures as to principal only or as to both principal and interest. Debentures of different denominations, in either coupon or registered form, may be made exchangeable for debentures of an equal aggregate principal amount, but of different denominations upon such terms as may be provided in the resolution of issuance.

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