Sec. 1206.023. EXCEPTION TO APPROVAL REQUIREMENT. (a) If the duty to replace a public security or interest coupon is imposed on a corporate trustee under a trust agreement or indenture or on a paying agent for the public security, the attorney general is not required to approve and the comptroller is not required to register:
(1) the replacement public security or interest coupon; or
(2) the public security delivered on exchange of the previously issued public security.
(b) A replacement public security or interest coupon is valid and incontestable in the same manner and with the same effect as the previously issued public security.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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