Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 676]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

665

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 of 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, incurred 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. The University shall not be required to make exchanges or transfers of bonds as provided in this Section 2.08 during a period of ten (10) days next preceding any interest payment date, or for the period of ten (10) days next preceding the first publication of notice of redemption of any Bond or at any time of any Bonds which have theretofore been duly called for redemption.