If any bond issued by an institution is mutilated, lost, or destroyed, the board may execute and deliver a new bond of like date, number, and tenor in exchange and substitution for, and upon cancellation of a mutilated bond and its interest coupons or in lieu of and in substitution for a lost or destroyed bond and its unmatured interest coupons. Such new bond or coupon shall not be executed or delivered until the holder of the mutilated, lost, or destroyed bond (i) has paid the reasonable expense and charges in connection with the execution and delivery; (ii) in the case of a lost or destroyed bond, has filed with the board and the State Treasurer satisfactory evidence that such bond was lost or destroyed and that the bondholder was the owner of the bond; and (iii) has furnished indemnity satisfactory to the State Treasurer.

Terms Used In Virginia Code 23.1-1108

  • Board: means the members of the board of visitors, board of trustees, or other governing board of an institution. See Virginia Code 23.1-1100
  • Bond: means any bond, note, or other evidence of indebtedness or obligation of an institution issued by an institution pursuant to this chapter. See Virginia Code 23.1-1100
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Institution: means each public institution of higher education, as that term is defined in § 23. See Virginia Code 23.1-1100
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245

1962, c. 205, § 23-20.1; 2016, c. 588.

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