2 CRR-NY 55.3NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 2. DEPARTMENT OF AUDIT AND CONTROL
CHAPTER II. MUNICIPAL AFFAIRS
SUBCHAPTER C. CANCELLATION AND DESTRUCTION OF OBLIGATIONS
PART 55. CANCELLATION AND DESTRUCTION OF OBLIGATIONS OF MUNICIPALITIES, SCHOOL DISTRICTS AND DISTRICT CORPORATIONS
2 CRR-NY 55.3
2 CRR-NY 55.3
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.
2 CRR-NY 55.3
Current through August 31, 2022
End of Document

IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.