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(e) Improper or Unauthorized Transfer. When any Bond is presented <br /> ito the Registrar for transfer, the Registrar may refuse to transfer the same <br /> until it is satisfied that the endorsement on such Bond or separate instrument <br /> of transfer is valid and genuine and that the requested transfer is legally <br /> authorized. The Registrar shall incur no liability for the refusal, in good faith, <br /> to make transfers which it, iii its judgment, deems improper or <br /> unauthorized. <br /> (f) Persons Deemed Owners. The Issuer and the Registrar may treat <br /> the person in whose name any Bond is at any time registered in the bond <br /> register as the absolute owner of such Bond, whether such Bond shall be <br /> overdue or not, for the purpose of receiving payment of, or on account of, the <br /> principal of and interest on such Bond and for all other purposes, and all such <br /> payments so made to any such registered owner or upon the owner's order <br /> shall be valid and effectual to satisfy and discharge the liability upon such <br /> Bond to the extent of the sum or sums so paid. <br /> (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, <br /> the Registrar may impose a charge upon the owner thereof sufficient to <br /> reimburse the Registrar for any tax, fee or other governmental charge <br /> required to be paid with respect to such transfer or exchange. <br /> (h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall <br /> • become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a <br /> new Bond of like amount, number, maturity date and tenor in exchange and <br /> substitution for and upon cancellation of any such mutilated Bond or in lieu <br /> of and in substitution for any such Bond destroyed, stolen or lost, upon the <br /> payment of the reasonable expenses and charges of the Registrar in <br /> connection therewith; and, in the case of a Bond destroyed, stolen or lost, <br /> upon filing with the Registrar of evidence satisfactory to it that such Bond <br /> was destroyed, stolen or lost, and of the ownership thereof, and upon <br /> furnishing to the Registrar of an appropriate bond or indemnity in form, <br /> substance and amount satisfactory to it, in which both the Issuer and the <br /> Registrar shall be named as obligees. All Bonds so surrendered to the <br /> Registrar shall be cancelled by it and evidence of such cancellation shall be <br /> given to the Issuer. If the mutilated, destroyed, stolen or lost Bond has <br /> already matured or been called for redemption in accordance with its terms it <br /> shall not be necessary to issue a new Bond prior to payment. <br /> (i) Authenticating Agent. The Registrar is hereby designated <br /> authenticating agent for the Bonds, within the meaning of Minnesota <br /> Statutes, Section 475.55, Subdivision 1, as amended. <br />- 10 -4- <br />