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Registrar, and endorsed upon the Bonds by the Bond Registrar in the space provided thereon. After such registration, no transfer of the Bonds shall be valid unless made at the office of the Bond Registrar by the registered owner or by his duly authorized agent or representative and similarly noted on the Bonds, but at the expense of the holder, the Bonds may be discharged from registra- tion by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored. At the option and expense of the holder, the Bonds may thereafter again from time to time be registered or transferred Bond Registrar shall not be required tion or transfer interest payment posed redemption for redemption. registered shall to bearer as before. The to make any such registra- of Bonds during 15 days next preceding an date on the Bonds, or in the case of any pro- of Bonds, after such Bonds have been selected The person in whose name any Bond shall be be deemed and regarded as the absolute owner thereof for all purposes, principal of any Bond and only to or upon the order and payment of or on account of the the interest on any Bond shall be made of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond including the interest thereon to the extent of the sum or sums so paid. APR 101985 The single fully -registered Bond may be exchanged.by the -3- 98 BOOK 60 Pnf 529.