Bonds may be issued in form payable to bearer with coupons attached for the payment of interest and, if so issued, shall be subject to registration as to principal only or as to both principal and interest. Bonds may also be issued in fully registered form without coupons. Coupon and registered bonds shall be interchangeable only as provided in the resolution authorizing such bonds.
Notes may be issued in registered form or notes may be issued in form payable to bearer, with interest payable to bearer on presentation for endorsement and, if so issued, shall be subject to complete registration. Interest on notes issued in registered form and interest on bearer notes which have been registered shall be payable to the registered holder.
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