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M <br />for the registration and transfer of Bonds by the Clerk, as <br />Bond Registrar, and .endorsed upon the Bonds by the Bond Regis- <br />trar in the space provided thereon. After such registration, <br />no transfer of the Bonds shall be valid unless made at the office <br />of the Bond Registrar by the registered owner .or by his duly <br />authorized agent or representative and similarly noted on the <br />Bonds, but at the expense of the holders the Bonds may be dis- <br />charged from registration by being in like manner transferred <br />to bearer, and thereupon transferability by delivery shall be <br />restored. At the option and expense of the holder, the Bonds <br />.: may thereafter again from time to time be registered or trans- <br />ferred to bearer as before. The Bond Registrar shall not be <br />required to make any such transfer of Bonds during fifteen (15) <br />days next preceding an interest payment date on the Bonds, or <br />in the case of any proposed redemption of Bonds, after such <br />Bonds have been selected for redemption. The person in whose <br />name any Bond shall be registered shall be deemed and regarded <br />as the absolute owner thereof for all purposes, and payment of <br />or on account of the principal of any Bond and the interest on <br />any Bond shall be made only to or upon the order of the regis- <br />tered owner thereof or his legal representative. All dsuch pay- <br />ments•shall be valid and effectual to satisfy and discharge <br />theliability upon such Bond including the interest thereon to <br />the extent of the sum or sums so paid. <br />2.07 Bonds Mutilated, Destroyed, Stolen or Lost. In <br />case any Bond shall become mutilated, or be destroyed, stolen <br />or lost, the Issuer may in its discretion issue and deliver a <br />new Bond of like tenor as the Bond so mutilated, destroyed, <br />stolen or. lost, in exchange and substitution for such mutilated <br />Bond, upon surrender and cancellation of.such mutilated Bond, <br />or in lieu of and substitution for the Bond destroyed, stolen <br />or lost,.and upon the owner furnishing the Issuer satisfactory <br />indemnity and complying with such other reasonable regulations <br />Find conditions. as the Issuer may prescribe and paying such <br />expenses as the Issuer may incur. All Bonds so surrendered <br />shall be cancelled by the Clerk. If any such Bond, shall have <br />-7- <br />BcoK 33 PnF 370 <br />