CHAPTER IV. REGISTERED AND COUPON BONDS, HOW TRANSFERRED; ISSUE OF 1. Registered bonds or stock, how as- 2. Lost or destroyed registered bonds. 5. Conversion of coupon bonds to regis- 6. Payment of interest on registered stock. 8. Payment of interest before maturity. 1. REGISTERED BONDS OR STOCK, HOW ASSIGNED. bonds. These bonds, without coupons attached, are made payable Registered to the person or persons named therein, who alone can collect the interest thereon and the principal when payable, and are transferable only on the books of the Register of the Treasury, in accordance with the following rules and instructions of the Treasury Department: Transfer of stock or registered bonds. lations for trans fer. Stock to be transferred, when properly perfected, should Rules and regu be transmitted to the REGISTER OF THE TREASURY, accompanied by an explicit letter of instructions, giving the official title of the loan; the date of the authorizing act; the number and amount of each certificate; the name of the assignee, plainly written; his place of residence, giving the number of the house, the name of the street, and the city or town, county, and State; the denomination of the certificates desired in exchange; and the depository at which the interest is to be made payable. If stock of different loans is sent at the same time, a separate letter must accompany each issue or series, like the following form: Form of letter. NEW YORK, August 10, 1872. To the REGISTER OF THE TREASURY: Herewith find $20,000 registered stock, CONSOLS of 1868, New certificates. Closing of the transfer books. Which please register in two $10,000 certificates in the name of Jno. Henry Brown, of No. 23 Waverly street, Chicago, Cook county, Illinois, making the interest payable at the United States Depository, Chicago, Illinois. JNO. HENRY BROWN. Very respectfully, New certificates. The certificates forwarded for transfer are canceled, and new ones issued in the name of the assignee. The new certificate bears interest from the first day of the quarter or half year (as the interest may be payable) in which the transfer is made. The new certificate is usually returned the same day the old is received, and is invariably sent by mail to the party forwarding the assigned certificate, unless otherwise positively instructed. If the certificate is sent by express, it must be at the cost of the party so ordering. Closing of the transfer books. For the purpose of preparing the interest schedules, the transfer books are closed for thirty days on all loans except the Funded Loan of 1881, and on this latter for fifteen days, immediately preceding interest day. The dates of closing are as follows: Loan of 1858–June 1st and December 1st. Loan of February, 1861-June 1st and December 1st. Ten-forties of 1864-February 1st and August 1st. Consols of 1865-June 1st and December 1st. Pacific Railway stock-June 1st and December 1st. Who entitled to interest when bonds assigned If stock to be transferred is not received previous to the day for closing the transfer books, the dividend will be declared to the party whose name appears upon the face of the certificate and the record, and the assignee must look closed. to him for the accrued interest for that quarter or half year. Form of assignment. after books The printed form on the back of the certificate should be Form of assigncarefully followed, and all the blanks filled. The name of the assignee should be plainly written in full in the blank space for that purpose. If the certificate is to be divided among two or more persons, their names and the amount to each should be plainly indicated in the assignment. If only a part of the certificate is assigned, a new certificate for the remainder will be issued to the former payee. Certificates should never be assigned in blank, as this gives them the character of coupon bonds, and they are then transferable by delivery. A detached assignment, where no assignment appears on the bond, should never be used, as it invites fraud or forgery should the certificate fall into improper hands. Assignments by representatives of deceased persons. ments. In case of death or successorship, the representative or Assignments by successor must furnish official evidence of decease and ap- representatives pointment. An executor or administrator may assign stock standing in the name of a deceased person. Where there is more than one legal representative, all must unite in the assignment, unless by a decree of court or provision of will some one is designated to dispose of the stock. If the stock was held by the deceased as a fiduciary, the letters of administration must be accompanied by an order of the court, authorizing the transfer. Assignments in foreign countries. of deceased per sons. in foreign Where the payee at the time of his death was a resident of a foreign country, the person claiming to direct the countries. Execution of essignments. Form of authority by vote. -under by-laws. transfer must produce an exemplified copy of the will or other instrument conferring the authority, duly certified under the hand and seal of the proper officer, attested by the certificate of a United States minister, chargé, consul, vice consul, or commercial agent, or, if there be none, by a notary public, to the effect that such exemplified copy is granted by the proper officer or tribunal, and is in duc form, and according to the laws of the country. The assignment should be executed as herein before directed. Execution of assignments. The payee should sign his name to the assignment as it is written in the face of the certificate. If issued to a firm, it must be signed by a member authorized to sign the firm-name, of which authority the person witnessing must be satisfied; if to joint owners, co-trustees, executors, administrators, or guardians, each person must sign for himself; if to a corporation or company, the official character of the person signing, and his authority to dispose of the stock, should be duly attested by vote or resolution of the board of directors, or its equivalent, certified under seal. Where an officer is authorized to assign by virtue of his office, a certificate of the fact and of his election must be furnished, under seal, together with a certified copy of the bylaws. All such certificates are placed on file for reference in future transactions, and need not be repeated if properly referred to. The following form of authority, may be used: Form of authority by vote. At a meeting of the Board of Directors of the National Savings Institution of Washington, D. C., held July 10, 1872, it was, on motion, Resolved, That James Jones, President, and Henry Smith, Treasurer, or either of them, are hereby authorized and empowered to assign any and all United States stock now standing [or which may hereafter stand] in the name of this institution. I certify that the above is a true copy from the minutes. Treasurer and Secretary of Board. Form of vote under by-laws. At the annual meeting of the stockholders of the Treasury National Bank of Washington, D. C., held July 1, 1872, John Doe was duly elected President, and Richard Roe Cashier, and, as such, are jointly or severally empow- ` ered by the by-laws (a certified copy of which is hereto annexed) to sell and assign any and all United States stock now standing, or which may hereafter stand, in the name of this bank. Attest: [Seal of bank.} RICHARD ROE, Cashier. Acknowledgment of assignment. ment. Acknowledgments of assignments, when not made at the AcknowledgDepartment, must be before an Assistant Treasurer, Desig- ment of assignnated Depositary, United States judge, district attorney, clerk of a United States court, or collector of customs, but a notary public is authorized to take acknowledgments on all loans except the Funded Loan of 1881, and on this loan the president or cashier of a National Bank is authorized. The witness must, in all cases, append his official title, and affix his seal of office, if he has one. The president or cashier of a National Bank must affix the title of the bank. Acknowledgment in foreign countries. Acknowledgments in foreign countries may be made be--in foreign fore a United States minister, chargé, consul, vice consul, countries. or commercial agent. A notary public, or other equivalent officer, in a foreign country, may take acknowledgments, but his official character must be properly verified. The official seal, where there is one, should in all cases be affixed. Powers of attorney to assign stock. stock. Persons entitled to assign stock may appoint an attorney Powers of attor for that purpose, who, by virtue of the authority so con- ney to assign ferred, can execute the assignment in the same manner as provided for the constituent. No officer of the Treasury should be selected as attorney. The following form may be used: Form of power. KNOW ALL MEN BY THESE PRESENTS, That I, John Doe, do form of. hereby appoint Richard Roe my attorney, to sell and assign all United States stock now standing [or which may hereafter stand] in my name on the books of the Treasury Department, granting to said attorney full power to appoint one or more substitutes for that purpose, hereby ratifying and confirming all that may be lawfully done by virtue hereof. |