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requested by the transferor. The Registrar may, however, close <br />the books for registration of any transfer after the 15th day of <br />the month preceding each interest payment date and until such <br />interest payment date. <br />1.3. Exchange of Bonds. Whenever any Bonds are <br />surrendered to the Registrar for exchange the Registrar shall <br />authenticate and deliver the Bonds which, under the authorizing <br />resolution, the owner making the exchange is entitled to receive. <br />1.4. Cancellation. All Bonds surrendered upon any <br />transfer or exchange shall be promptly cancelled by the <br />Registrar and retained for a period of two years and thereafter <br />disposed of as directed by the Issuer. <br />1.5. Improper or Unauthorized Transfer. When any Bond <br />is presented to the Registrar for transfer, the Registrar may <br />refuse to transfer the same until it is satisfied that the <br />endorsement on such Bond or written instrument of transfer is <br />valid and genuine and that the requested transfer is legally <br />authorized. The Registrar shall incur no liability for the <br />refusal, in good faith, to make transfers which it, in its <br />judgment, deems improper or unauthorized. - <br />1.6. Persons Deemed Owners. The Registrar shall treat <br />the person in whose name any Bond is at any time registered in <br />the Bond Register as the absolute owner of such Bond, whether <br />such Bond shall be overdue or not, for the purpose of receiving <br />payment of, or on account of, the principal of and interest on <br />such Bond and for all other purposes, and all such payments so <br />made to any such registered owner or upon his order shall be <br />valid and effectual to satisfy and discharge the liability upon <br />such Bond to the extent of .the sum or sums so paid. <br />1.7. Taxes, Fees and Charges. For every transfer or <br />exchange of Bonds, the Registrar may impose upon the owner <br />thereof a charge sufficient to pay or reimburse the Registrar <br />for any tax, fee or other governmental charge required to be <br />paid with respect to such transfer or exchange. <br />1.8. Mutilated, Lost, Stolen or Destroyed Bonds. In <br />case any Bond shall become mutilated or be destroyed, stolen or <br />lost, the Registrar shall deliver a new Bond of like amount, <br />number, maturity date and tenor in exchange and substitution for <br />and upon cancellation of any such mutilated Bond or in lieu of <br />and in substitution for any such Bond destroyed, stolen or lost, <br />upon the payment of the reasonable expenses and charges of the <br />Registrar in connection therewith; and, in the case of a Bond <br />destroyed, stolen or lost, upon filing by the owner with the <br />Registrar of evidence satisfactory to it that such Bond was <br />r <br />u <br />2 <br />