Sec. 1203.041. CONVERSION OF PUBLIC SECURITY. (a) This section applies to a public security only if the public security authorization relating to the security:
(1) provides for conversion of the security; and
(2) names the comptroller as registrar.
(b) A public security that is issued with one or more coupons becomes fully registrable if:
(1) the security is presented to the comptroller; and
(2) the comptroller removes each coupon.
(c) A public security that is issued as a fully registrable security becomes a security with one or more coupons if:
(1) the security is presented to the comptroller; and
(2) the comptroller attaches an unmatured coupon or coupons to the security.
(d) Attachment and removal of a coupon or coupons may occur successively from time to time.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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