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• (c) Exchange of Certificates . Whenever any <br /> Certificate is surrendered by the registered owner for <br /> exchange, the Registrar shall authenticate and deliver one <br /> or more new 'Certificates of a like aggregate principal <br /> amount and maturity, as requested by the registered owner <br /> or the owner ' s attorney duly authorized in writing. <br /> (d) Cancellation. All Certificates surrendered upon <br /> any transfer or exchange shall be promptly cancelled by the <br /> Registrar and thereafter disposed of asdirected by the <br /> City. <br /> (e) Improper or Unauthorized Transfer. When any <br /> Certificate is presented to the Registrar for transfer , the <br /> Registrar may refuse to transfer the same until it is <br /> satisfied that the endorsement on such Certificate or <br /> separate instrument of transfer is legally authorized. The <br /> Registrar shall incur no liability for its refusal, in good <br /> faith, to make .transfers which it, in its judgment, deems <br /> improper or unauthorized. <br /> (f) Persons Deemed Owners. The City and the Registrar <br /> may treat the person in whose name any Certificate is at <br /> any time registered in the bond register as the absolute <br /> owner of such Certificate, whether such Certificate shall <br /> • be overdue or not, for the purpose of receiving payment of, <br /> or on account of, the principal of and interest on such <br /> Certificate and for all other purposes , and all such . <br /> payments so made to any such registered owner or upon the <br /> owner ' s order shall be valid and effectual to satisfy and <br /> discharge the liability of the City upon such Certificate <br /> to the extent of the sum or sums so paid. <br /> (g) Taxes, Fees and Charges . For every transfer or <br /> exchange of Certificates, the Registrar may impose a charge <br /> upon the owner thereof sufficient to reimburse the <br /> Registrar for any tax, fee or other governmental charge <br /> required to be paid with respect to such transfer or <br /> exchange. <br /> (h) Mutilated, Lost, Stolen or Destroyed <br /> Certificates. In case any Certificate shall become <br /> mutilated or be lost, stolen or destroyed, the Registrar <br /> shall deliver a new Certificate of like amount, number , <br /> maturity date and tenor in exchange and substitution for <br /> and upon cancellation of any such mutilated Certificate or <br /> in lieu of and in substitution for any such Certificate <br /> lost, stolen or destroyed, upon the payment of the <br /> reasonable expenses and charges of the Registrar in <br /> connection therewith; and, in the case of a Certificate <br /> • <br /> -8- <br />