Registered bonds exchanged for coupon bonds or defaced bonds

Section 58. The state treasurer may, upon terms and regulations prescribed by the governor and council, issue, in denominations of not less than $1,000, registered bonds in exchange for any coupon bonds of the commonwealth, which, with the exception of the coupons, shall be in conformity with the laws authorizing the issue of such coupon bonds. The state treasurer shall mutilate and retain the bonds so received in exchange. The comptroller shall certify such registered bonds; and the comptroller and the state treasurer shall each keep a register of their dates, numbers and amounts, the names of the persons to whom they were issued, when they are payable and for what bonds they were issued in exchange. The state treasurer may also, upon the same terms and regulations, issue in substitution for mutilated, defaced or endorsed bonds presented to the state treasurer other bonds of like or equivalent issues.