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for the registration and transfer of Bonds by the Clerk, as Bond Registrar, and endorsed upon the Bonds by the Bond Regis- trar 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 holders the Bonds may be dis- charged from registration 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 trans- ferred to bearer as before. The Bond Registrar shall not be required to make any such transfer. of Bonds during fifteen (15) days next'preceding an interest payment date on the Bonds, or in the case of any proposed redemption of Bonds, after such Bonds have been selected for redemption. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any Bond and the interest on any Bond shall be made only to or upon the order of the regis- tered owner thereof or his legal representative. All such pay- ments 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. 2.07 Bonds Mutilated, Destroved, Stolen or Lost. In case any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its discretion issue and deliver a riew Bond of like tenor as the Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bond, upon surrender and cancellation of-such mutilated Bond, or in lieu of and substitution for the Bond destroyed, stolen or lost, and upon the owner furnishing the Issuer satisfactory indemnity and complying with such other reasonable regulations and conditions as the may prescribe and paying such expenses as the Issuer may incur.. All Bonds >o surrendered shall. be cance.iled by the Clerk. If any such licmds shall. hive