Section 55.00. Bearer and registered obligations

a. The agency prescribing
  the terms, form and contents of bonds shall provide for the issuance  of
  bonds in either or both of the following forms:
    1.  Bonds  payable  to bearer with coupons attached for the payment of
  interest to bearer, and such bonds may provide for their conversion into
  bonds registered as to both principal and interest and not otherwise.
    2. Bonds in registered form, and such  bonds  may  provide  for  their
  conversion into coupon bonds.
    b.  The agency prescribing the terms, form and contents of notes shall
  provide for the issuance of notes in either or  both  of  the  following
  forms:
    1.  Notes  payable  to  bearer,  with  interest payable to bearer upon
  presentation for notation of such payment thereon if periodic payment of
  such interest is authorized,  and  such  notes  may  provide  for  their
  conversion  into  notes registered as to both principal and interest and
  not otherwise.
    2. Notes in registered form, and such  notes  may  provide  for  their
  conversion into notes payable to bearer.