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• (d) Cancellation. All Notes surrendered upon any <br />transfer or ezchange shall be promptly cancelled by the <br />Registrar and thereafter disposed of as directed by the <br />City. <br />(e) Improper or Unauthorized Transfer. When any Note <br />is presented to the Registrar for transfer, the Registrar <br />may refuse to transfer the same until it is satisfied that <br />the endorsement on such Note or separate instrument of <br />transfer is legally authorized. The Registrar shall incur <br />no liability for its refusal, in good faith, to make <br />transfers which it, in its judgment, deems improper or <br />unauthorized. <br />(f) Persons Deemed Owners. The City and the <br />Registrar may treat the person in whose name any Note is at <br />any time registered in the bond register as the absolute <br />owner of such Note, whether such Note shall be overdue or <br />not, for the purpose of receiving payment of, or on account <br />of, the principal of and interest on such Note and for all <br />other purposes, and all such payments so made to any such <br />registered owner or upon the owner's order shall be valid <br />and effectual to satisfy and discharge the liability of the <br />City upon such Note to the eztent of the sum or sums so <br />paid. <br />• (g) Taaes. Fees and Charges. For every transfer or <br />ezchange of Notes, the Registrar may impose a charge upon <br />the owner thereof sufficient to reimburse the Registrar for <br />any taa, fee or other governmental charge required to be <br />paid with respect to such transfer or ezchange. <br />(h) Mu}elated, Lost, Stolen or Destroyed Notes In <br />case any Note shall become mutilated or be lost, stolen or <br />destroyed,~the Registrar shall deliver a new Note of like <br />amount, number, maturity date and tenor in ezchange and <br />substitution for and upon cancellation of any such <br />mutilated Note or in lieu of and in substitution for any <br />such Note lost, stolen or destroyed, upon the payment of <br />the reasonable ezpenses and charges of the Registrar in <br />connection therewith; and, in the case of a Note lost, <br />stolen or destroyed, upon filing with the Registrar of <br />evidence satisfactory to it that such Note was lost, stolen <br />or destroyed, and of the ownership thereof, and upon <br />furnishing to the Registrar of an appropriate bond or <br />indemnity in form, substance and amount satisfactory to it, <br />in which both the City and the Registrar shall be named as <br />obligees. All Notes so surrendered to the Registrar shall <br />be cancelled by it and evidence of such cancellation shall <br />be given to the City. If the mutilated, lost, stolen or <br />• <br />-9- <br />