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<br /> <br />4. <br /> <br /> <br />. <br /> <br />(b) Transfer of Bonds. Upon surrender for transfer of <br />any Bond duly endorsed by the registered owner <br />thereof, or accompanied by a written instrument of <br />transfer, in form satisfactory to the Registrar, <br />duly executed by the registered owner thereof or by <br />an attorney duly authorized by the registered owner <br />in writing, the Registrar shall authenticate and <br />deliver, in the name of the designated transferee <br />or transferees, one or more new Bonds of a like <br />aggregate principal amount and maturity, as <br />requested by the transferor. The Registrar may, <br />however, close the books for registration of any <br />transfer after the fifteenth day of the month <br />preceding each interest paYment date and until such <br />interest paYment date. <br /> <br />(c) Exchange of Bonds. Whenever any Bonds are <br />surrendered by the registered owner for exchange, <br />the Registrar shall authenticate and deliver one or <br />more new Bonds of a like aggregate principal amount <br />and maturity, as requested by the registered owner <br />or the owner's attorney, so designated in writing. <br /> <br />. <br /> <br />(d) Cancellation.- All Bonds surrendered upon any <br />transfer or exchange shall be promptly cancelled by <br />the Registrar and thereafter disposed of as <br />directed by the City. <br /> <br />(e) Improper or Unauthorized Transfer. When any Bond <br />is presented to the Registrar for transfer, the <br />Registrar may refuse to transfer the same until it <br />is satisfied that the endorsement on such Bond or <br />separate instrument of transfer is valid and <br />genuine and that the requested transfer is legally <br />authorized. The Registrar shall incur no liability <br />for the refusal, in good faith, to make transfers <br />which it, in its judgment, deems improper or <br />unauthorized. <br /> <br />(f) Persons Deemed Owners. The City and the Registrar <br />may treat the person in whose name any Bond is at <br />any time registered in the bond register as the <br />absolute owner of such Bond, whether such Bond <br />shall be overdue or not, for the purpose of <br />receiving paYment of, or on account of, the <br />principal of or any ,interest on such Bond, and for <br />all other purposes, and all such paYments so made <br />to any such registered owner or upon the owner's <br />order shall be valid and effectual to satisfy and <br />discharge the liability upon such Bond to the <br />extent of the sum or sums so paid. <br /> <br />. <br /> <br />(g) Taxes. Fees. and Charges. For every transfer or <br />exchange of Bonds, the Registrar may impose a <br />