The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-31

notify the parties to whom the bonds
nave been awarded. that the same are
parties the bonds according to their ac-
cepted bids Tor the same. charging
them with the premium. IL any is In
terest accrued on the bonds at the
date Of delivery. and further comply
with this chapter by recording said
ssd an n6d the aS
ell, at it's next following session, the
full particulars OF the delivery OF the
bonds, which report. together with the
mentioned, shall be referred TO
the Committee on Ways and Means,
who shall compare the report or
troller. and report TO the Council upon
the correctness OF the same, when II
shall have found them to be correct II
urer, whenever coupons are presented
at his office for payment. 10 first exam
inc his coupon book to ascertain IL the
bond from which such coupon Is cut
ceeds thereof have been regularly paid
into the,treasury. and II the payment OF
such interest Is due. And ~ such pc
said coupons. with the certificate OF
their correctness, 10 the City Control
Ter. 1t shall be the duty OF the Con-
trSeT upon the receipt q bs s"S Trss
urer. to examine the same, COM
pairing them with record bonds I'm his
ONCE, and previous payment OF con-
warrant on the Treasurer In payment
of the same, whereupon he shall cause
said coupons to be firmly pasted In
~hie book Sasps shsl be- so prspaPsd and
ruled, with spaces for each coupon
under complete record OF the bond
E ssS% With Witt h ss date " ana
the name OF the party to whom payment
is made. so that the said book win ut
all times properly and plainly display
payments OF interest by the original
coupon, date OF each payment, and the
name OF the party to whom paid, and
to which book or books the Controller
shall make reference before the payment
of any such coupon. On demand OF the
owner and holder OF any coupon bonds
shk IIo be issUed hi leu thereof registered
bonds OF said city; the owner and holder
asking for exchange OF bonds may be re-
quired 10 pay reasonable compensa'
ton TO cover expenses Of such exchanges
the bonds 80 issued shall be OF the same
depomination or multiples thereof heal
, the same rate Of interest aR1 u payabf
they were exchanged; such coupon bonds
when so exchanged shall be Cancelled BY
the Controller and Treasurer and their
dorsed ON the new bonds and the old
bonds filed in the manner provided for
bonds redeemed. Provided, however.
that the Common Council may by ordi-
nance change the manner and system OF
registering, re-registering, exchanging.
redeeming and cancelling said bonds. A
book shall be kept In each Of the OFFICES
OF the Controller and Treasurer, In which
shall be entered the date, number, series.
denomination and owner OF all regis
tered bonds. and the number. and series
OF the coupon bonds for which
and principal OF registered bonds
shall when due, be paid only to
the order Of the person, corpora
TO be the owner thereof; such registered
bonds may be transferred on such books,
for which purpose there shall be printed
FORMS on the back OF said bonds, togeth-
er with directions TO be followed in the
execution OF such transfers. by the own
lied to do so by power OF attorney duly
executed or by the presentation OF duly
authenticated letters OF administration:
in such case the power OF attorney or
and carefully preserved I'm the Office Of
the Controller, The exchange and regis
tering OF bonds required by this act shall
be transacted by the Mayor and the Con-
troller, and the Controller shall keep a
registry for that purpose: but no bonds
so Issued In exchange for other bonds
shall be OF smaller denomination than
one thousand dollars unless and 10 the
| extent that the bonds offered for ex-
change are themselves OF smaller de-
nomination than one thousand dollars.
No bonds in geu OF bond returned for
cancellation shall be issued until the
same shall have been registered an here
in provided.
Sec. 2. All acts and parts OF acts In
CONFLICT herewith are hereby repealed.