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• satisfied that the endorsement on such Obligation or <br /> separate instrument of transfer is valid and genuine and <br /> that the requested transfer is legally authorized. The <br /> Registrar shall incur no liability for the refusal, in good <br /> faith, to make transfers which it, in its judgment, deems <br /> improper or unauthorized. <br /> (f) Persons Deemed Owners . The Issuer and the <br /> Registrar may treat the person in whose name any Obligation <br /> is at any time registered in the bond register as the <br /> absolute owner of such Obligation, whether such Obligation <br /> shall be overdue or not, for the purpose of receiving <br /> payment of, or on account of, the principal of and interest <br /> on such Obligation 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 upon such Obligation to the extent <br /> of the sum or sums so paid. <br /> (g) Taxes . Fees and Charges . For every transfer or <br /> exchange of Obligations, 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 Obligations . <br /> In case any Obligation shall become mutilated or be <br /> destroyed, stolen or lost, the Registrar shall deliver a <br /> new Obligation of like amount, number, maturity date and <br /> tenor in exchange and substitution for and upon <br /> cancellation of any such mutilated Obligation or in lieu of <br /> and in substitution for any such Obligation destroyed, <br /> stolen or lost, upon the payment of the reasonable expenses <br /> and charges of the Registrar in connection therewith; and, <br /> in the case of a Obligation destroyed, stolen or lost, upon <br /> filing with the Registrar of evidence satisfactory to it <br /> that such Obligation was destroyed, stolen or lost, and of <br /> the ownership thereof, and upon furnishing to the Registrar <br /> of an appropriate bond or indemnity in form, substance and <br /> amount satisfactory to it, in which both the Issuer and the <br /> Registrar shall be named as obligees . All Obligations so <br /> surrendered to the Registrar shall be cancelled by it and <br /> evidence of such cancellation shall be given to the <br /> Issuer. If the mutilated, destroyed, stolen or lost <br /> Obligation has already matured or been called for <br /> redemption in accordance with its terms it shall not be <br /> necessary to issue a new Obligation prior to payment . <br /> -4- <br />