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executed by the registered owner thereof or by an attorney duly authorized by <br /> • the registered owner in writing, the Registrar shall authenticate and deliver, <br /> in the name of the designated transferee or transferees, one or more new <br /> Bonds of a like aggregate principal amount and maturity, as requested by the <br /> transferor. The Registrar may, however, close the books for registration of <br /> any transfer after the fifteenth day of the month preceding each interest <br /> payment date and until such interest payment date. <br /> (c) Exchange of Bonds. Whenever any Bond is surrendered by the <br /> registered owner for exchange, the Registrar shall authenticate and deliver <br /> one or more new Bonds of a like aggregate principal amount and maturity, as <br /> requested by the registered owner or the owner's attorney duly authorized in <br /> writing. <br /> (d) Cancellation. All Bonds surrendered upon any transfer or <br /> exchange shall be promptly cancelled by the Registrar and thereafter disposed <br /> of as directed by the City. <br /> (e) Improper or Unauthorized Transfer. When any Bond is presented <br /> to the Registrar for transfer, the Registrar may refuse to transfer the same <br /> until it is satisfied that the endorse::;ent on such Bond or separate instrument <br /> of transfer is legally authorized. The Registrar shall incur no liability for its <br /> refusal, in good faith, to make transfers which it, in its judgment, deems <br /> improper or unauthorized. <br /> (f) Persons Deemed Owners. The City and the Registrar may treat the <br /> person in whose name any Bond is at any time registered in the bond register <br /> as the absolute owner of such Bond, whether such Bond shall be overdue or <br /> not, for the purpose of receiving payment of, or on account of, the principal of <br /> and interest on such Bond and for all other purposes, and all such payments <br /> so made to any such registered owner or upon the owner's order shall be <br /> valid and effectual to satisfy and discharge the liability of the City 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 /> (except for an exchange upon a partial redemption of a Bond), the Registrar <br /> may impose a charge upon the owner thereof sufficient to reimburse the <br /> Registrar for any tax, fee or other governmental charge required to be paid <br /> 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 lost, stolen or destroyed, 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 /> -9- <br />