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endorsed by the registered owner thereof or accompanied by a written <br />. instrument of transfer, in form satisfactory to the Registrar, duly executed by <br />the registered owner thereof or by an attorney duly authorized by the <br />registered owner in writing, the Registrar shall authenticate and deliver, in <br />the name of the designated transferee or transferees, one or more new Bonds <br />of a like aggregate principal amount and maturity, as requested by the <br />transferor. The Registrar-may, however, close the books for registration of <br />any transfer after the fifteenth day of the month preceding each interest <br />payment date and until such interest payment date. <br />(c) Exchange of Bonds. Whenever any Bond is surrendered by the <br />registered owner for exchange, the Registrar shall authenticate and deliver <br />one or more new Bonds of a like aggregate principal amount and maturity, as <br />requested by the registered owner or the owner's attorney duly authorized in <br />writing. <br />(d) Cancellation. All Bonds surrendered upon any transfer or <br />exchange shall be promptly cancelled by the Registrar and thereafter disposed <br />of as directed by the City. <br />(e) Improper or Unauthorized Transfer. When any Bond is presented <br />to the Registrar for transfer, the Registrar may refuse to transfer the same <br />until it is satisfied that the endorsement on such Bond or separate instrument <br />of transfer is legally authorized. The Registrar shall incur no liability for its <br />refusal, in good faith, to make transfers. which it, in its judgment, deems <br />improper or unauthorized. <br />(fl Persons Deemed Owners. The City and the Registrar <br />may treat the person in whose name any Bond is at any time registered in the <br />bond register as the absolute owner of such Bond, whether such Bond shall be <br />overdue or not, for the purpose of receiving payment of, or on account of, the <br />principal of and interest on such Bond and for all other purposes, and all such <br />payments so made to any such registered owner or upon the owner's order <br />shall be valid and effectual to satisfy and discharge the liability of the City <br />upon such Bond to the extent of the sum or sums so paid. <br />(g) Taxes. Fees and Chare~es. For every transfer or exchange of Bonds <br />(except for an exchange upon a partial redemption of a Bond), the Registrar <br />may impose a charge upon the owner thereof sufficient to reimburse the <br />Registrar for any tax, fee or other governmental charge required to be paid <br />with respect to such transfer or exchange. <br />(h) Mutilated. Lost. Stolen or Destroyed Bonds. In case any Bond shall <br />become mutilated or be lost, stolen or destroyed, the Registrar shall deliver a <br />• <br />