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• .agent (the Registrar) . The effect of registra.t.ion. and the <br /> rights and dut-ies of the City and the Registrar with respect <br /> thereto shall be--as follows: <br /> (a ) Register. The Registrar shall keep at .its . <br /> principal corporate trust office a -bond register in which <br /> the Registrar shall provide for the registration of <br /> ownership of -Bonds and the registration of transfers and <br /> exchanges of Bonds entitled to be registered, transferred <br /> or exchanged. <br /> ( b) Transfer of Bonds. Upon surrender for transfer <br /> of any Bond d my endorsed by the registered owner thereof <br /> -or accompanied by a written instrument of transfer, in form <br /> satisfactory to the Registrar , duly executed by -the <br /> registered owner thereof or by an attorney duly authorized <br /> by the registered owner in writing, the Registrar shall <br /> authenticate and deliver , in the name of the designated <br /> transferee or transferees, one or more new Bonds of a like <br /> aggregate principal amount and maturity, as requested by <br /> the transferor . The Registrar may, however, close the <br /> books for registration of any transfer after the fifteenth <br /> day of the month preceding each interest payment date and <br /> until such interest payment date. <br /> • (c ) Exchange of Bonds . Whenever any Bonds are <br /> surrendered by the registered owner for exchange the <br /> Registrar shall authenticate and deliver one or more new <br /> B onds. of a like aggregate principal amount and maturity, as <br /> requested by the registered owner or the owner ' s attorney <br /> in writing. <br /> ( d) Cancellation. All Bonds surrendered upon any <br /> transfer or exchange 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 Bond <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 Bond or separate instrument of <br /> transfer is valid and genuine and that the requested <br /> transfer is legally authorized. The Registrar shall incur <br /> no .liability for the refusal, in good faith , to make <br /> transfers whi-ch it, in its judgment, deems improper. or <br /> unauthorized. <br /> . . . . ( f ) Persons Deemed Owners. The City and- the <br /> Registrar may- tr.eat the -person in whose name.- any Bond is .at . . <br /> any- time registered in the bond register as the absolute <br /> -5- <br />