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• may, however, close the books for registration of any transfer after the fifteenth day of the <br /> month preceding each interest payment date and until such interest payment date. <br /> (c) Exchange of Bonds. Whenever any Bond is surrendered by the registered owner <br /> for exchange, the Registrar shall authenticate and deliver one or more new Bonds of a like <br /> aggregate principal amount, interest rate and maturity, as requested by the registered owner or <br /> the owner's attorney duly authorized in writing. <br /> (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be <br /> promptly cancelled by the Registrar and thereafter disposed of as directed by the City. <br /> (e) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar <br /> for transfer, the Registrar may refuse to transfer the same until it is satisfied that the <br /> endorsement on such Bond or separate instrument of transfer is valid and genuine and that the <br /> requested transfer is legally authorized. The Registrar shall incur no liability for its refusal, in <br /> good faith, to make transfers which it, in its judgment, deems improper or unauthorized. <br /> (f) Persons Deemed Owners. The City and the Registrar may treat the person in <br /> whose name any Bond is at any time registered in the bond register as the absolute owner of <br /> such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment <br /> • of, or on account of, the principal of and interest on such Bond and for all other purposes, and <br /> all such payments 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 Bond to the extent <br /> of the sum or sums so paid. <br /> (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except for an <br /> exchange upon a partial redemption of a Bond), the Registrar may impose a charge upon the <br /> owner thereof sufficient to 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._h case any Bond shall become <br /> mutilated or be lost, stolen or destroyed, the Registrar shall deliver a new Bond of like amount, <br /> number, interest rate, maturity date and tenor in exchange and substitution for and upon <br /> cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond lost, <br /> stolen or destroyed, upon the payment of the reasonable expenses and charges of the Registrar <br /> in connection therewith; and, in the case of a Bond lost, stolen or destroyed, upon receipt by <br /> the Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, and of <br /> the ownership thereof, and upon receipt by the Registrar of an appropriate bond or indemnity in <br /> form, substance and amount satisfactory to it, in which both the City and the Registrar shall be <br /> named as obligees. All Bonds so surrendered to the Registrar shall be cancelled by it and <br /> • -9- <br />