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40 <br />40 <br />*a= <br />Registrar, and endorsed upon the Bonds by the Bond Registrar in <br />the space provided thereon. After such registration, no transfer <br />of the Bonds shall be valid unless made at the office of the Bond <br />Registrar by the registered owner or by h.s duly authorized agent <br />or representative and similarly noted on the Bonds, but at the <br />expense of the holder, the Bonds may be discharged from registra- <br />tion by being in like manner transferred to bearer, and thereupon <br />transferability by delivery shall be restored. At the option and <br />expense of the holder, the Bonds may thereafter again from time <br />to time be registered or transferred to bearer as before. The <br />Bond Registrar shall not be required to make any such registra- <br />tion or transfer of Bonds during 15 days next preceding an <br />interest payment date on the Bonds, or in the case of any pro- <br />posed redemption of Bonds, after such Bonds have been selected <br />for redemption. The person in whose name any Bond shall be <br />registered shall be deemed and regarded as the absolute owner <br />thereof for all purposes, and payment of or on account of the <br />principal of any Bond and the interest on any Bond shall be made <br />only to or upon the order of the registered owner thereof or his <br />legal representative. All such payments shall be valid and <br />effectual to satisfy and discharge the liability upon such Bond <br />including the interest thereon to the extent of the sum or sums <br />so paid. <br />The single fully -registered Bond may be exchanged.by the <br />-3- <br />