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y <br />The Bonds may be registered, at the option of the holder, <br />as to both principal and interest upon the books kept for the <br />registration and transfer of Bonds by the Clerk, as Bond Registrar, <br />and endorsed upon the Bonds by the Bond Registrar in the space pro-- <br />vided thereon. After such registration, no transfer of the Bonds <br />shall be valid unless made at the office of the Bond Registrar by <br />the registered owner or by his duly authorized agent or represen- <br />tative and similarly noted on the Bonds, but at the expense of the <br />holder the Bonds may be discharged from registration by being in <br />like manner transferred to bearer, and thereupon transferability by <br />delivery shall be restored. At the option and expense of the <br />holder, the Bonds may thereafter again from time to time be <br />registered or transferred to bearer as before. The Bond Registrar <br />shall not be required to make any such transfer of Bonds during <br />fifteen (15) days next preceding an interest payment date on the <br />Bonds, or in the case of any proposed redemption of Bonds, after <br />such Bonds have been selected for redemption. The person in whose <br />name any Bond shall be registered shall be deemed and regarded as <br />the absolute owner thereof for all purposes, and payment of or on <br />account of the principal of any Bond and the interest on any Bond <br />shall be made only to or upon the order of the registered owner <br />thereof or his legal representative. All such payments shall be <br />valid and effectual to satisfy and discharge the liability upon <br />such Bond including the interest thereon to the extent of the sum <br />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 or <br />lost, the Issuer may in its discretion issue and deliver a new Bond <br />of like tenor as the Bond so mutilated, destroyed, stolen or lost, <br />in exchange and substitution for such mutilated Bond, upon <br />surrender and cancellation of such mutilated Bond, or in lieu of <br />and substitution for the Bond destroyed, stolen or lost, and upon <br />the owner furnishing the Issuer satisfactory indemnity and <br />complying with such other reasonable regulations and conditions as <br />the Issuer may prescribe and paying such expenses as the Issuer may <br />-8- <br />