§ 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.