In Vienna, an investor can have a passbook savings account in
bearer form. In Tokyo, a speculator can make a million-dollar capital gain and pay no taxes.
"Monetary instruments" means coin or currency of the United States or of any other country, travelers' checks, personal checks, bank checks, money orders, investment securities in
bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments in
bearer form or otherwise in such form that title thereto passes upon delivery.
Third, most corporate bonds were in
bearer form, allowing securities to readily move between securities markets, both domestically and internationally.
Bonds issued after September 3, 1982 and notes issued after 1982 must be in registered form (see Q 1151); however, bearer bonds and notes issued before the registration requirement date may continue to be bought and sold in
bearer form. Bearer notes and bonds have coupons attached that are cut off and redeemed, generally through a commercial bank or the Federal Reserve Bank (or a branch).
The Bonds will be issued in
bearer form in the denomination of JPY 100,000,000 each.
Exempt OID and bearer bonds: Although it generally has not been possible to issue exempt bonds in
bearer form since 1982, older exempt bonds in
bearer form may still be in circulation.
Many institutional investors kept their bonds in
bearer form so that the bonds could be delivered quickly in the event of sale; in the early 1960s, more than 90 percent of marketable Treasury debt was held in
bearer form.
These money orders were all purchased from institutions in the New York City area and were issued in
bearer form, then stamped payable to the order of one account number.
However, if they are in
bearer form, these obligations must carry a statement that any United States person holding the obligation will be subject to tax limitations.
The debentures were (1) unsecured, (2) in
bearer form, (3) convertible into Parent stock and (4) guaranteed by Parent.
