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2-06. Registration. The effect of registration and the rights and. duties of the City d the Registrar with respect thereto shall be as follows: h an re (a) Regis . The Registrar shall keep at its Principal corporate trust office a -Rister (the Bond Register) in which the Registrar shall Provide for the registration of ownership of Bonds and the registration of transfers an RIM (b) Trans [er L)f Bonds. Upon surrender for transfer of any Bond duly endorsed the Holder thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney duly deliver, in the eree or transferees, one or more new Bonds of a like name of the designated transf e an authorized by the Holder in writing, the Registrar shall auth nticate d aggregate principal amount and maturity, as requested by the transferor, The Registrar may, however, close the books for registration of any transfer after the first day of the month in which each interest payment date occurs and until such interest payment date, (c) E2�change of Bonds. At the option of the Holder of any Bond in a denomination greater than $5,000, such Bond may be exchanged for other Bonds of authorized denominations, of the same maturity and a like aggregate i cipal amoun upon surrender of the Bond to be exchanged at the office of the Registrar. Whenever an Bond is so surrendered for -exchange the City shall execute and the Registrar shall authenticate and deliver the Bonds wbich the Bondholder making the exchange is entitle to receive (d) Cancellation. All Bonds surrendered for payment., transfer or exchange gha I ter disposed of as directed by the City. be promptly canceled by the Rd egistrar anthereaf I (e) !MREQmr�Una�uthofi�ze _Transfer. When any Bond is presented to the Registrar for transter, the Registrar may refuse to transfer the smu yl -e-J JiU VITS'=i TOM or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized- (f) Per�so ls!Leemed .01MI's, -nie City and the Registrar may treat the person in whose name any Bond is at any time registered in the Bond Register as the absolute Owner of the Bond, whether the Bond shall be overdue or not, for the purpose of receiving payment of or on account of, the principal of and interest on the Bond and for all other purposes- and all payments Made to or upon the Order of such Holder shall be valid and effectual to satisfy mid discharge the liability upon such Bond to the extent of the sum or sums so paid. M