Louisiana Revised Statutes 39:1434 – Issuance, execution, and transfer of fully registered securities
Terms Used In Louisiana Revised Statutes 39:1434
- Fully registered form: means securities which are registered as to the ownership of both the principal, interest, and premium, if any, thereon in any one or more of the following forms:
(a) by the utilization of a registrar/transfer agent or by the public entity;
(b) a book entry system, whether computerized or otherwise, or other system for recording the ownership of the principal, interest, and premium, if any, that identifies the owner of any interest in securities;
(c) a single security representing an entire issue of securities held by a financial institution or other person as trustee or agent with the ownership interest in such security being in fully registered form as provided for in this Chapter;
(d) any other form pursuant to which the ownership of and payment of principal, interest, and premium, if any, on securities are registered. See Louisiana Revised Statutes 39:1431
- Issuing resolution: means a resolution, ordinance, or other instrument or proceeding providing for the issuance of securities. See Louisiana Revised Statutes 39:1431
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Public entities: means :
(a) the state of Louisiana and state departments. See Louisiana Revised Statutes 39:1431
- Securities: means bonds, notes, certificates, or other obligations for the repayment of borrowed money, including obligations to refund any of the foregoing. See Louisiana Revised Statutes 39:1431
A. Notwithstanding any other laws to the contrary, public entities may issue securities in fully registered form and provide for their execution, registration, and transfer in accordance with the terms and conditions prescribed by the issuing resolution.
B. Without regard to any other provision of law relating to the signing of securities, including, but not by way of limitation, La. Rev. Stat. 39:473, at the time of their original issuance all securities in fully registered form may be signed with facsimile signatures if provision is also made for a manual authenticating signature by a designated bank or other financial institution or person; however, if no such provision is made for an authenticating signature, all such securities shall be signed with a manual signature of an officer of the issuing entity designated in the issuing resolution. After the original issuance of securities in fully registered form all subsequent transfers thereof need not bear manually subscribed signatures or endorsements.
C. Notwithstanding the foregoing, no signature or endorsement by the issuing entity or any other person or state official shall be required upon original issuance or subsequent transfer in the event that a book entry system or similar system is to be utilized for registration, transfer, or exchange of securities in fully registered form in accordance with the issuing resolution.
Added by Acts 1983, 1st Ex. Sess., No. 34, §1, eff. Jan. 19, 1983.