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<br />. <br /> <br />(d) Cancellation. All Bonds surrendered upon any <br />transfer or exchange shall be promptly cancelled <br />by the Registrar and thereafter disposed of as <br />directed by the Issuer. <br /> <br />(e) Improper or Unauthorized Transfer. When any <br />Bond is presented to the Registrar for transfer, <br />the Registrar may refuse to transfer the same <br />until it is satisfied that the endorsement on <br />such Bond or separate instrument of transfer is <br />valid and genuine and that the requested <br />transfer is legally authorized. The Registrar <br />shall incur no liability for the refusal, in <br />good faith, to make transfers which it, in its <br />judgment, deems improper or unauthorized. <br /> <br />. <br /> <br />(f) Persons Deemed Owners. The Issuer and the <br />Registrar may treat the person in whose name any <br />Bond is at any time registered in the bond <br />register as the absolute owner of such Bond, <br />whether such Bond shall be overdue or not, for <br />the purpose of receiving paYment of, or on <br />account of, the principal of and any interest <br />on, such Bond and for all other purposes, and <br />all such payments so made to any such registered <br />owner or upon the owner's order shall be valid <br />and effectual to satisfy and discharge the <br />liability upon such Bond to the extent of the <br />sum or sums so paid. <br /> <br />(g) Taxes, Fees, and Charqes. For every transfer or <br />exchange of Bonds, the Registrar may impose a <br />charge upon the owner thereof sufficient to <br />reimburse the Registrar for any tax, fee, or <br />other governmental charge required to be paid <br />with respect to such transfer or exchange. <br /> <br />. <br /> <br />(h) Mutilated, Lost, Stolen, or Destroyed Bonds. In <br />case any Bond shall become mutilated or be <br />destroyed, stolen or lost, the Registrar shall <br />deliver a new Bond of like amount, number, <br />maturity date, and tenor in exchange and <br />substitution for and upon cancellation of any <br />such mutilated Bond or in lieu of and in <br />substitution for any such Bond destroyed, <br />stolen, or lost, upon the paYment of the <br />reasonable expenses and charges of the Registrar <br />in connection therewith; and, in the case of a <br />Bond destroyed, stolen, or lost, upon filing <br />with the Registrar of evidence satisfactory to <br />it that such Bond was destroyed, stolen, or <br />lost, and of the ownership thereof, and upon <br />furnishing to the Registrar of an appropriate <br />bond or indemnity in form, substance, and amount <br /> <br />5 . <br />