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Q such Bonds had not ceased to hold such office. Any 13ond may be signed and sealed on behalf of the Issuer by such person who at the actual time of the execution of such Bond shall hold the proper office of the Issuer, although at the nate of such Bonds such person may not have held such office or may not have been so authorized. The coupons attached to the Bonds shall be authen- ticated with the facsimile signatures of any present or future Chairman and Clerk. The Issuer may adopt and use for such pur- poses the facsimile signatures of any such persons who shall have 'hei l such offi ryes at any t i me after the date of the adont.i on of this Instrument, notwithstanding that either or both shall have ceased to hold such office at the time the Bonds shall be actually sold and delivered. 2.05 Negotiability and Registration. The Bonds shall be and shall have all the qualities and incidents of negotiable instruments under laws of the State of Florida, and each suc- cessive holder, in accepting any of the Bonds or the coupons appertaining thereto, shall be conclusively deemed to have agreed that the Bonds shall be and have all of the qualities and inci- dents of negotiable instruments. The Bonds may be registered at the option of the holder as to principal only or as to both principal and interest at the office of the paying agent as Registrar, or such other Registrar as may be herefter duly appointed, such registration to be noted on the back of the Bonds in the space provided therefor. After such registration as to principal only or as t0 both principal and interest, no transfer of the Bonds shall be valid unless made at such office by written assignment of the registered owner or by his duly authorized attorney in a form satisfactory to the Registrar, and similarly noted on the Bonds, but the Bonds may be discharged from registration by being in like manner transferred to bearer and thereupon transfer -ability by delivery shall be restored. At the option of the holder, the Bonds may thereafter again from time to time be registered or transferred to bearer as before. Registration as to principal only shall not affect the negotiability of the coupons which shall continue to pass by delivery. The Issuer may make a reaso- nable charge for every such transfer sufficient to reimburse it for any expenses incurred by it; provided, however, that no charge shall be made by the Issuer for the first transfer of any Bonds from bearer to the registered owner and for the first transfer from the registered owner to bearer. 2.06 Bonds Mutilated, Destroyed, 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 new -6-