New Jersey § acts:saved-32 - (4)

§ acts:saved-32. (4)

4. (a) Said bonds may recite that they are issued in pursuance of this act, and that

this act was submitted to the people at the general election held in the month of

November, 1920, and that it received the sanction of a majority of the votes cast

for and against it at such election. Such recital in said bonds shall be conclusive evidence of the regularity of the

issue of said bonds and of their validity. (b) Such bonds shall be in such form as may be approved by the issuing officials. They shall be of the denomination of one thousand dollars, ten thousand dollars

and fifty thousand dollars. They may be coupon bonds, or may be registered as to principal only, with interest

coupons attached, or may be registered as to both principal and interest, as said

officials shall determine. (c) The holders of coupon bonds may be given the privilege of surrendering such bonds

and receiving in lieu thereof registered bonds without coupons, or of having such

coupon bonds registered as to principal only. The holders of registered bonds may be given the privilege of surrendering such

bonds and of receiving in lieu thereof either coupon bonds or new registered bonds

of larger or smaller denomination. Upon the transfer of registered bonds, the bonds to be transferred shall be surrendered

for cancellation and new registered bonds shall be issued to the transferee. (d) The issuing officials are hereby authorized to make rules and regulations relating

to the exchange and registration of bonds.