Section 75.00. Registration of obligations

a. A coupon bond which has been
  converted into registered form in the manner provided in  section  71.00
  of  this  chapter  and,  at  the  request of the owner, a bond issued in
  registered form or a note issued in registered form  or  which  provides
  that it may be registered, shall be registered in the name of the owner,
  or  a  nominee,  as to both principal and interest and not otherwise, in
  suitable books kept for such purpose in the office of the fiscal  agent,
  and  a  certificate of such registration shall be endorsed upon the bond
  or note by such fiscal agent.
    b. A bond or note which has been so registered shall  be  transferable
  upon  presentation  to the fiscal agent with a written transfer of title
  of the registered owner. Such transfer shall be  dated,  and  signed  by
  such registered owner, or his legal representatives. Such transfer shall
  be  duly  acknowledged  or  proved,  or in the alternative the signature
  thereto shall be certified as to its genuineness by an officer of a bank
  or trust company located and authorized to do business  in  this  state.
  The  name  of  the  transferee shall be entered in the books kept by the
  fiscal agent and a certificate of such registration  shall  be  endorsed
  upon the bond or note so transferred, in the same manner as the original
  registration.  However,  instead of transferring obligations as provided
  above in this paragraph, a municipality,  school  district  or  district
  corporation  may issue new registered obligations in place of the old in
  accordance with regulations prescribed by the  state  comptroller  by  a
  rule  or order to be filed in his office and such other office as he may
  designate.
    c. No interest shall be paid on a bond or note  issued  in  registered
  form until the name of the payee has been inserted therein and such bond
  or note has been registered as provided in paragraph a of this section.
    d.  The  principal  of,  redemption premium, if any, and interest on a
  bond or note which has been registered shall  be  payable  only  to  the
  registered owner, his legal representatives, successors or transferees.
    e.  As  an  alternative to the procedures for transfer of registration
  otherwise  set  forth  in  this  section,  the  finance   board   of   a
  municipality,  school  district or district corporation, or, in the case
  of the city of New York, the chief fiscal officer thereof,  may  provide
  for  the  transfer  of  registration of obligations by book entry on the
  records of the fiscal agent or other entity designated for such  purpose
  and  may enter into such contractual arrangements as may be necessary to
  accomplish such purposes. In the event a book entry method  of  transfer
  is  used,  principal of, redemption premium, if any, and interest on the
  obligations shall be payable to  the  registered  owner  shown  in  book
  entry, his legal representatives, successors or transferees.