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coupons appertaining thereto, shall be conclusively deemed to <br />have agreed that such Obligations shall be and shall have all of <br />the qualities and incidents of negotiable instruments under the <br />law merchant and the laws of the State of Plorida. <br />The Obligations may be registered at the option of the <br />Holder as to principal only at the office of the Clerk of the <br />Board, as Registrar, or with such other registrar as may be sub- <br />sequently designated by such Board, such registration to be noted <br />on the back of the Obligations in the space provided therefor. <br />After such registration as to principal only, no transfer of the <br />Obligations shall be valid unless made at said office by the <br />written assignment of the registered owner, or by his duly <br />authorized attorney in a form satisfactory to the Registrar, and <br />similarly noted on the Obligations, but the Obligations may be <br />discharged from registration by being in like manner transferred <br />to bearer and thereupon transferability by delivery shall be <br />restored. At the option of the Holder, the Obligations may <br />thereafter again from time to time be registered or transferred <br />to bearer as before. Such registration as to principal only <br />shall not affect the negotiability of the coupons which shall <br />continue to pass by, delivery. <br />SECTION 9. OBLIGATIONS MUTILATED, DESTROYED, STOLEN OR <br />LOST. In case any Obligation shall become mutilated, or be <br />destroyed, stolen or lost, the County may, in its discretion, <br />issue and deliver a new Obligation with all unmatured coupons <br />attached of like tenor as the Obligation and attached coupons, if <br />any, so mutilated, destroyed, stolen or lost, in exchange and <br />substitution for such mutilated Obligation, upon surrender and <br />cancellation of such mutilated Obligation and attached coupons, <br />if any, or in lieu of and substitution for the Obligation and <br />attached coupons, if any, destroyed, stolen or lost, and upon the <br />Holder furnishing the County proof of his ownership thereof and <br />satisfactory indemnity and complying with such other reasonable <br />regulations and conditions as the County may prescribe and paying <br />-7- <br />