1. (a) A public security may be:

   1. (1) issued in a specified form or forms;
   2. (2) issued with one or more interest coupons;
   3. (3) registrable as to principal and interest or only as to principal; and
   4. (4) changed in form in a specific manner.

2. (b) A public security issued with one or more interest coupons may have:

   1. (1) a specified form of a coupon; and
   2. (2) a form of a coupon that may be changed in a specified manner.

3. (c) An issuer may provide that a public security:

   1. (1) has a coupon and is not registrable;
   2. (2) has a coupon and is registrable only as to principal;
   3. (3) is fully registrable; or
   4. (4) initially has a coupon but may become a fully registrable security under Section 1203.041.

4. (d) An issuer may provide that public securities of the same issue or series are:

   1. (1) of one or more types described by Subsection (c); and
   2. (2) exchangeable in whole or in part for one or more of those types.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.