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s <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 /> Issuer . <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 which it , in its judgment , deems improper or <br /> unauthorized. <br /> (f) Persons Deemed Owners . The Issuer and the <br /> Registrar may treat the person in whose name any Bond is at <br /> any time registered in the bond register as the absolute <br /> owner of such Bond, whether such Bond shall be overdue or <br /> not, for the purpose of receiving payment of , or on account <br /> of, the accreted amount of 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 upon <br /> such Bond to the extent of the sum or sums so 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 /> (h) Mutilated, Lost, Stolen or Destroyed Bonds . In <br /> case any Bond shall become mutilated or be destroyed, <br /> stolen or lost, the Registrar shall deliver a new Bond of <br /> like original principal amount, number, maturity date and <br /> tenor in exchange and substitution for and upon <br /> cancellation of any such mutilated Bond or in lieu of and <br /> in substitution for any such Bond destroyed, stolen or <br /> lost, upon the payment of the reasonable expenses and <br /> charges of the Registrar in connection therewith; and, in <br /> the case of a Bond destroyed, stolen or lost, upon filing <br /> with the Registrar of evidence satisfactory to it that such <br /> Bond was destroyed, stolen or lost, and of the ownership <br /> thereof , and upon furnishing to the Registrar of an <br /> appropriate bond or indemnity in form, substance and amount <br /> satisfactory to it, in which both the Issuer and the <br /> Registrar shall be named as obligees . All Bonds so <br /> • surrendered to the Registrar shall be cancelled by it and <br /> evidence of such cancellation shall be given to the <br /> -3- <br />