New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 100 - Elementary and Secondary Education School Program › Section 100.4 - Transfers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All registered
				bonds, notes and other obligations of the State presented for transfer shall be
				presented to the State fiscal agent and shall be duly dated and assigned by or
				on behalf of the registered owner thereof. Unless the signature of the assignor
				is on file with the State fiscal agent, the signature of the person requesting
				such assignment shall be guaranteed by a bank, trust company, savings bank,
				savings and loan association, or federally or State-chartered credit union
				located and authorized to do business in the State of New York, or guaranteed
				by a member firm of the New York Stock Exchange. The full legal name and
				address of the transferee must also be supplied. Three days (excluding
				Saturdays, Sundays and holidays) will usually be required to complete the
				transfer. For every transfer, the State fiscal agent may make a charge
				sufficient to reimburse it for any tax, fee or other governmental charge
				required to be paid with respect to such transfer, which sum shall be paid by
				the person requesting the transfer as a condition precedent to the exercise of
				the privilege of making such transfer. The cost of preparing each new bond upon
				each transfer shall be paid by the State.
(b) In addition to the foregoing, the
				following specific requirements should be fulfilled. (Although these
				requirements are set forth for the information and guidance of holders of State
				obligations, it should be recognized that additional requirements may be
				imposed by the State fiscal agent in any case, depending on the particular
				circumstances involved.)
(1) Agents or
				attorneys. No transfers of bonds will be made into the name of an individual,
				as agent or attorney. When bonds are presented for transfer and the assignment
				is executed by an agent or attorney of the registered owner, such assignment
				shall be by the agent or attorney in his representative capacity and there
				shall be submitted either the original power of attorney or a copy thereof
				certified under recent date (not more than 60 days). If the power of attorney
				has been filed as a public record, the official recorder shall make such
				certification, otherwise the certification shall be by:
(i) a bank, trust company, savings banks,
				savings and loan association, or federally or State-chartered credit union
				located and authorized to do business in the State of New York, the official
				signatures of which can be verified in New York City;
(ii) a member firm of the New York Stock
				Exchange; or
(iii) such other
				guarantors as shall be acceptable to the State fiscal agent.
The full power of attorney (rather than an extract therefrom)
				  should be submitted and proof given that the power of attorney has not been
				  revoked by death or incompetency of the grantor, or a guaranty that the grantor
				  is alive and competent shall be supplied.