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<br /> <br /> <br />. <br /> <br />registration of transfers and exchanges of <br />.Bonds. <br /> <br />(b) Transfer of Bonds. Upon surrender for transfer <br />of any Bond duly endorsed by the registered <br />owner thereof, or accompanied by a written <br />instrument of transfer, in form satisfactory to <br />the Registrar, duly executed by the registered <br />owner thereof or by an attorney duly authorized <br />by the registered owner in writing, the <br />Registrar shall authenticate and deliver, in the <br />name of the designated transferee or <br />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 (15th) day of the <br />month preceding each interest payment date and <br />until such interest payment date. <br /> <br />(c) Exchanqe of Bonds. Whenever any Bonds are <br />surrendered by the registered owner for <br />exchange, the Registrar shall authenticate and <br />deliver one or more new Bonds of a like <br />aggregate principal amount and maturity, as <br />requested by the registered owner or the owner's <br />attorney, so designated in writing. <br /> <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, any interest on, <br />such Bond and for all other purposes, and all <br />such payments so made to any such registered <br />owner or upon the owner's order shall be valid <br /> <br />6. <br />