Sec. 1206.023. EXCEPTION TO APPROVAL REQUIREMENT. (a) If the duty to replace a public security or interest coupon is imposed on a corporate trustee under a trust agreement or indenture or on a paying agent for the public security, the attorney general is not required to approve and the comptroller is not required to register: (1) the replacement public security or interest coupon; or (2) the public security delivered on exchange of the previously issued public security. (b) A replacement public security or interest coupon is valid and incontestable in the same manner and with the same effect as the previously issued public security.
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