Michigan Compiled Laws Act 354 Of 1972 Replacing Or Paying Obligations Of Public Corporation (129.131 - 129.135)

AN ACT to authorize the replacement or payment without presentation of lost, destroyed or wrongfully taken bonds or other evidences of indebtedness issued by public corporations; and to prescribe the powers and duties of certain departments and agencies.

History: 1972, Act 354, Imd. Eff. Jan. 9, 1973 ;-- Am. 1974, Act 142, Imd. Eff. June 5, 1974

Section 129.131 Definitions.
As used in this act: (a) “Paying agent” means either of the following: (i) For an obligation that is not registered as to payment...
Section 129.132 Replacement Obligations; Prerequisites To Issuance; Exercise Of Powers By Paying Agent; Resolution; Execution; Seal.
(1) A public corporation, by resolution of the governing body or the state treasurer, may provide for issuance and delivery of a replacement obligation...
Section 129.133 Replacement Obligations; Form; Security; Execution; Formal Requirements; Indorsement.
A replacement obligation shall be of the same form and tenor and be secured in the same manner as the obligation originally issued. The...
Section 129.134 Replacement Of Unmatured Interest Coupons; Payment Of Matured Interest Coupons.
The governing body may provide for replacement of unmatured interest coupons lost, destroyed, or wrongfully taken. Matured interest coupons shall not be replaced, and...
Section 129.135 Repealed. 2000, Act 117, Imd. Eff. May 26, 2000.
Compiler's Notes: The repealed section pertained to the authority of the department to promulgate rules to implement the act.

Last modified: October 10, 2016