N.Y. Comp. Codes R. & Regs. tit. 2 § 55.1

Current through Register Vol. 46, No. 36, September 4, 2024

Section 55.1 - Cancellation of paid obligations

Bonds, corporate stock, notes, coupons, or other evidences of indebtedness issued pursuant to the Local Finance Law or any other law, when paid, shall be cancelled in either of the following ways:

(a) by perforating the obligation with the word "Paid", or with the word "Cancelled", or the substantial equivalent of either word, and with words or numbers which will indicate the date of payment. Beneath such perforations and upon the face of the obligation shall be (1) subscribed in ink the name and title of the chief fiscal officer of the issuer or his duly delegated deputy, or the name and title of an officer of the paying agent of the issuer, or (2) a perforated abbreviation of the name of the municipality, school district or district corporation, such as "C of NY".

(b) by writing or stamping in ink the word "Paid" together with the date of payment upon the face of the obligation. Beneath such writing or stamp shall be subscribed in ink the name and title of the chief fiscal officer of the issuer, or his duly delegated deputy, or the name and title of an officer of the paying agent of the issuer. If this method is used, the signature or signatures of the officer or officers upon the obligation shall be cut or torn from the cancelled obligation.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 55.1