Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 601]

EXTRACTED TEXT FROM PAGE:

556

BOARD OF TRUSTEES

[June 19

the said books by the registered owner in person, or by his duly authorized attorney, and similarly noted on the Bond; but the same may be discharged from registration by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored; and such Bond may again, from time to time, be registered or transferred to bearer as before. Such registration, however shall not affect the transferability of the coupons, but every such coupon shall continue to be transferable by delivery merely, and shall remain payable to bearer. The University shall make no charge for such registrations and discharges from registration. Any registered Bond without coupons may be transferred at the office of the Registration Agent in the City of Chicago, Illinois, by surrender of such Bond for cancellation, accompanied by delivery of a written instrument of transfer in form approved by the Comptroller, 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. A registered Bond without coupons, upon request of the registered owner, may be exchanged at said office of the Registration Agent 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, in exchange for such coupon Bonds, shall 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 or transfer in a form approved by the Comptroller, duly executed by the registered owner of such Bond or his duly authorized attorney, at the office of the Registration Agent in the City of Chicago, Illinois, for exchange for coupon Bonds, the University shall issue, 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. The University 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 coupons 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 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 University for cancellation. 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 Two Dollars ($2.00) plus actual expenses, including printing costs of new bonds, in-