CHAPTER 252

STATE TREASURER ESTABLISHING PROCEDURE FOR SERVICING STATE BOND PROGRAM

AN ACT TO AMEND CHAPTER 15 OF THE REVISED CODE OF DELAWARE, 1935, RELATING TO THE STATE TREASURER BY ESTABLISHING THE PROCEDURE FOR SERVICING THE STATE BOND PROGRAM.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 15 of the Revised Code of Delaware, 1935, be and the same is hereby amended by inserting a new Section after 403. Sec. 6., to be designated 403A. Sec. 6A. as follows:

"403A. Sec. 6A. PROCEDURE FOR SERVICING BOND PROGRAM:--The State Treasurer shall procure a Bond and Coupon Cancellation Record which shall contain columns for the designation of bond numbers and the dates of payment. This Record shall be used in accounting for and recording the payment of each individual bond and each interest coupon of any issue being serviced by the State. The bonds shall be listed by their respective numbers in the first column 'Bond Numbers.' As bonds and interest coupons are paid by the bank and delivered, the date of payment of the bonds shall be recorded in the 'Date Paid' column, on a line opposite each bond number, and the payment of the interest coupons shall be recorded by a 'PAID' stamp in a square of a column representing the coupon number and on a line opposite the bond number from which it was detached. It shall not be the duty of the State Treasurer to mark 'PAID' on each bond nor shall it be his duty to mark 'PAID' on each coupon which is perforated 'Cancelled' at the time of payment, nor shall it be the duty of the State Treasurer to affix the bonds and coupons to a record book. Any paid off, matured, redeemed, called or cancelled bonds and coupons shall be held by the State Treasurer until a sufficient quantity has been collected by the said office to be cancelled and destroyed according to the provisions of this Chapter."

Section 2. All Acts or parts of Acts inconsistent with this Act are hereby repealed to the extent of such inconsistency only.

Approved June 5, 1951.