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41 <br />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 />