Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 217]

EXTRACTED TEXT FROM PAGE:

214

BOARD OF TRUSTEES

[December 17

Any registered Bond without coupons may be transferred at the office of the Trustee by surrender of such Bond for cancellation, accompanied by delivery of a written instrument of transfer in form approved by the Trustee, duly executed by the registered owner of such Bond or his duly authorized attorney, and thereupon the University shall issue in the name of the transferee or transferees a new registered Bond or Bonds of like form and maturity and for a like aggregate principal sum, and the Trustee shall authenticate and deliver the same. A registered Bond without coupons, upon request of the registered owner, may be exchanged at the office of the Trustee for several such Bonds, of like form and maturity but of lesser authorized denominations, in the same name and for a like aggregate principal sum, and several registered Bonds without coupons, in the same name, may, upon request of the registered owner, be exchanged at such office or agency for one registered Bond without coupons or several such Bonds, of like form and maturity, but of greater authorized denominations and for the same aggregate principal sum. Whenever any coupon Bonds in aggregate principal amount equal to one or more registered Bonds without coupons of authorized denominations, with all unmatured coupons thereto attached, shall be surrendered at such office for exchange for a registered Bond or Bonds without coupons, the University shall issue, and the Trustee shall authenticate, and, in exchange for such coupon Bonds, shali deliver registered Bonds, or one registered Bond, of authorized denominations without coupons, of the same maturity and for a like aggregate principal sum. Whenever any registered Bond without coupons shall be surrendered for cancellation, accompanied by delivery of a written instrument of transfer in a form approved by the Trustee, duly executed by the registered owner of such Bond or his duly authorized attorney, at the office of the Trustee, for exchange for coupon Bonds, the University shall issue, and the Trustee shall authenticate, and, in exchange for such registered Bond, shall deliver coupon Bonds for a like aggregate principal sum and like maturity, with coupons thereto attached representing interest from the interest payment date on which interest was last paid on such registered Bond without coupons. As to all registered Bonds without coupons and all coupon Bonds registered as to principal, the person in whose name the same shall be registered shall be deemed and regarded as the owner thereof, for all purposes, and thereafter payment of or on account of the principal of such Bond, if it be a registered coupon Bond, and of the principal and interest, if it be a registered Bond without coupons, shall be made only to such registered owner thereof but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bonds to the extent of the sum or sums so paid. T h e University and the Trustee may deem and treat the bearer of any coupon Bond which shall not at the time be registered as to principal, and the bearer of any coupon for interest on such Bond, whether such Bond shall be registered or not, as the absolute owner of such Bond or coupon for the purpose of receiving payment thereof, and for all other purposes whatsoever, and the University and the Trustee shall not be affected by any notice to the contrary whether the Bond or coupon be overdue or not. In every case of exchange or transfer of Bonds under this Section, the surrendered Bond or Bonds shall be presented to the Trustee for cancellation, and the Trustee shall cancel and cremate all such Bonds in coupon form together with all unmatured coupons which are not registered as to principal and deliver a certificate thereof to the University, and shall cancel all such Bonds either in fully registered form or in coupon form and registered as to principal. Upon every such exchange of coupon Bonds for registered Bonds without coupons, or of registered Bonds without coupons for coupon Bonds or for other registered Bonds without coupons, and upon any transfer of registered Bonds without coupons, the University, except as otherwise provided in any agreement between the University and any original purchaser of Bonds, may require the payment of such charge therefor as it may deem proper, not exceeding T w o dollars ($2.00) plus the fees and expenses of the Trustee in connection therewith for each Bond issued upon such exchange, payment of which, together with any taxes or other governmental charges required to be paid with respect to such exchange or transfer, shall be made by the party requesting such exchange or transfer as a condition precedent thereto. T h e University shall not be required to make exchanges or transfers of bonds