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more new 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 any transfer <br /> after the fifteenth day of the month preceding each interest payment date and until such <br /> interest payment date. <br /> (c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered <br /> owner for exchange the Registrar shall authenticate and deliver one or more new Bonds <br /> of a like aggregate principal amount and maturity, as requested by the registered owner or <br /> the owner's attorney in writing. <br /> (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be <br /> promptly canceled 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 <br /> Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that <br /> the endorsement on such Bond or separate instrument of transfer is valid and genuine and <br /> that the requested transfer is legally authorized. The Registrar shall incur no liability for <br /> the refusal, in good faith, to make transfers which it, in its judgment, deems improper or <br /> 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 <br /> of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving <br /> payment of, or on account of, the principal of and interest on such Bond and for all other <br /> purposes, and all such payments so made to any such registered owner or upon the <br /> owner's order 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 (except <br /> for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge <br /> upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other <br /> governmental charge required to be paid with respect to such transfer or exchange. <br /> (h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become <br /> mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like <br /> amount, number, 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 <br /> Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges <br /> of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or <br /> lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was <br /> destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the <br /> Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory <br /> to it, in which both the City and the Registrar shall be named as obligees. All Bonds so <br /> surrendered to the Registrar shall be canceled by it and evidence of such cancellation <br /> shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already <br /> -5- <br />