N.Y. Comp. Codes R. & Regs. tit. 2 § 55.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 55.3 - Destruction of obligations by registration agents

A registration agent may destroy bonds, corporate stock, notes and coupons when necessary to comply with the provisions of title 5 of article 2 of the Local Finance Law. Such destruction shall be accomplished by any of the following methods.

(a) By burning, pulverizing or shredding the obligations.

(b) By perforating the obligation with the word "Void", or with the word "Cancelled", or the substantial equivalent of either word, and with words or numbers which will indicate the date upon which the obligation was rendered void. Beneath such perforations and upon the face of the obligations shall be (1) subscribed in ink the name and title of the registration agent of the issuer or his duly delegated deputy, or the name and title of an officer of the bank or trust company acting as registration agent of the issuer, or (2) a perforated abbreviation of the name of the municipality, school district or district corporation, such as "C of NY".

(c) By writing or stamping in ink the word "Void" upon the face of the obligation. Beneath such writing or stamp there shall be written or stamped in ink the date upon which the obligation was rendered void. Beneath such word and date there shall be subscribed in ink the name and title of the registration agent of the issuer or his duly delegated deputy, or the name and title of an officer of a bank or trust company acting as a registration agent of the issuer. If this method is used the signature or signatures of the officer or officers upon the obligation shall be cut or torn from the destroyed obligation.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 55.3