The holder of a coupon bond may present and surrender such bond to the State fiscal agent with a written request for its conversion into a fully registered bond. Such written request shall set forth the full legal name and address of the person to be named as the registered owner. The State fiscal agent shall thereupon countersign and deliver a new bond in registered form to the registered owner or, at the request of the registered owner, to a securities depository or its nominee.

If the applicable notice of sale of an issue of bonds, issued prior to June 30, 1983, shall have so provided, or when authorized by the Comptroller, the registered holder, or his legal representatives of a bond which shall have been converted into a registered bond pursuant to subdivision (a) of this section, may present and surrender such bond to the State fiscal agent with a written request for its reconversion into a coupon bond, which request shall be duly acknowledged, or proved, or in the alternative the signature of the person making such request shall be certified as to its genuineness by an officer of a bank, trust company, savings bank, savings and loan association or federally or State-chartered credit union located and authorized to do business in the State of New York. There shall be tendered with such request an amount sufficient to cover the expense of preparing, issuing and delivering a new bond in accordance with such request, which amount shall be determined by the State fiscal agent. The State fiscal agent shall thereupon countersign and deliver a new bond in coupon form, which shall have endorsed thereon the following statement, “This bond has been reconverted and reissued on the _ day of __, 20 _.” If the applicable notice of sale of an issue of bonds shall have so provided, or when authorized by the Comptroller, any bond reconverted into coupon form pursuant to this subdivision may again and from time to time be converted into a registered bond and reconverted into a coupon bond in the manner provided in this section upon payment in each case to the State fiscal agent of an amount determined by the State fiscal agent to be sufficient to cover the expense of preparing, issuing and delivering the new bond.