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HOUSE DOCKET, NO. 1103         FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2884

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Frank I. Smizik

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act exempting owners from providing an indemnity for certain lost or stolen registered bonds.

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PETITION OF:

 

Name:

District/Address:

Frank I. Smizik

15th Norfolk

Jason Lewis

 

Kay Khan

11th Middlesex

Antonio F. D. Cabral

13th Bristol


HOUSE DOCKET, NO. 1103        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2884

By Mr. Smizik of Brookline, a petition (accompanied by bill, House, No. 2884) of Frank I. Smizik and others for legislation to exempt owners from providing an indemnity for certain lost or stolen registered bonds.  State Administration and Regulatory Oversight. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 844 OF 2011-2012.]


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

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An Act exempting owners from providing an indemnity for certain lost or stolen registered bonds.
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1. Notwithstanding the provisions of Section 60 of Chapter 29 or any other general or special law to the contrary, the governor and Council are hereby authorized and directed to order, for any lost or stolen Commonwealth of Massachusetts registered bond certificate, the Treasurer and Receiver-General to enter onto the records of the Treasury of the Commonwealth of Massachusetts, or onto those of the transfer agent designated by the Treasurer and Receiver-General for the series in which the Commonwealth of Massachusetts registered bond certificate was issued, a tantamount book entry to substitute for the lost or stolen Commonwealth of Massachusetts registered bond certificate, sixty days after the Commonwealth of Massachusetts registered bond certificate has been reported in writing lost or stolen by the registered owner to the Treasurer and Receiver-General, or to the transfer agent designated by the Treasurer and Receiver-General for the series in which the Commonwealth of Massachusetts registered bond certificate was issued, and the lost or stolen Commonwealth of Massachusetts registered bond certificate’s number has been canceled and had its transfer stopped and payment stopped on the records of the Treasury of the Commonwealth of Massachusetts, or on the records of the transfer agent designated by the Treasurer and Receiver-General for the series in which the Commonwealth of Massachusetts registered bond certificate was issued. The registered owner shall not be required to provide any security, nor a surety or indemnity in any amount, nor to pay any fee. In the event that the Commonwealth of Massachusetts registered bond series has been redeemed or its dividend payments have ceased, the Treasury of the Commonwealth of Massachusetts shall pay to the registered owner in addition to the contracted principle any premium, and replacement interest compounded at the coupon rate specified by the Commonwealth of Massachusetts registered bond certificate, on the replacement amount plus the premium from the date of the last dividend paid, until the date the substitute book entry is redeemed, which shall be at the option of the registered owner, but no later than six months after the replacement book entry is recorded on the records of the Treasury of the Commonwealth of Massachusetts, or on the records of the transfer agent designated by the Treasurer and Receiver-General for the series in which the Commonwealth of Massachusetts registered bond certificate was issued.

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