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• <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 Bond is <br /> surrendered by the registered owner for exchange, the <br /> Registrar shall authenticate and deliver one or more new <br /> Bonds of a like aggregate principal amount and maturity, as <br /> requested by the registered owner or the owner ' s attorney <br /> duly authorized 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 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 Registrar <br /> may treat the person in whose name any Bond is at any time <br /> registered in the bond register as the absolute owner of <br /> such Bond, whether such Bond shall be overdue or not , for <br /> the purpose of receiving payment of , or on account of , the <br /> principal of and interest on such Bond and for all other <br /> 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 Bond to the extent of the sum or sums so <br /> paid. <br /> (g) Taxes , Fees and Charges . For every transfer or <br /> exchange of Bonds , the Registrar may impose a .charge upon <br /> the owner thereof sufficient to reimburse the Registrar for <br /> any tax, fee or other governmental charge required to be <br /> paid with respect to such transfer or exchange . <br /> -13- <br />