The State fiscal agent will deliver a new bond, note or certificate of the State to replace a bond, note or certificate of the State which has been mutilated, but not destroyed, provided all the principal and essential parts of such mutilated bond, note or certificate are presented to the State fiscal agent, and that the bond, note or certificate can readily be identified from the parts so presented.

Where the State fiscal agent has in its possession a bond, note or certificate form of the same issue, dating, interest rate, amount and maturity as that of the mutilated bond, note or certificate, it shall use such form in making the replacement pursuant to this section. Where such a form no longer is available, the necessary form or forms shall be engraved and printed, under such supervision as the Comptroller shall prescribe, provided the person requesting replacement under this section undertakes to pay the expense of such engraving and printing.

A replacement bond, note or certificate issued pursuant to this section shall correspond as to date, interest rate, amount, number of coupons, if any, and maturity with that of the mutilated bond, note or certificate which it replaces.

The marking and security requirements of section 62 of the State Finance Law shall not be applied to replacements of mutilated bonds, notes or certificates made pursuant to this section.