1. (a) This section applies to a public security only if the public security authorization relating to the security:

   1. (1) provides for conversion of the security; and
   2. (2) names the comptroller as registrar.

2. (b) A public security that is issued with one or more coupons becomes fully registrable if:

   1. (1) the security is presented to the comptroller; and
   2. (2) the comptroller removes each coupon.

3. (c) A public security that is issued as a fully registrable security becomes a security with one or more coupons if:

   1. (1) the security is presented to the comptroller; and
   2. (2) the comptroller attaches an unmatured coupon or coupons to the security.
4. (d) Attachment and removal of a coupon or coupons may occur successively from time to time.

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