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3.03. Registration. The City shall appoint, and shall maintain, <br />a Certificate registrar, transfer agent, authenticating agent and paying <br />agent (Registrar). The effect of registration and the rights and duties of <br />the City and the Registrar with respect thereto shall be as follows: <br /> <br /> (a) Register. The Registrar shall keep at its principal corpo- <br />rate trust office a Certificate register in which the Registrar shall <br />provide for the registration of ownership of Certificates and the <br />registration of transfers and exchanges of Certificates entitled to be <br />registered, transferred or exchanged. <br /> <br /> (b) Transfer of Certificates. Upon surrender for transfer of <br />any Certificate duly endorsed by the registered owner thereof or <br />accompanied by a written instrument of transfer, in form satisfactory <br />to the Registrar, duly executed by the registered owner thereof or by <br />an attorney duly authorized by the registered owner in writing, the <br />Registrar shall authenticate and deliver, in the name of the designat- <br />ed transferee or transferees, one or more new Certificates of a like <br />aggregate principal amount and maturity, as requested by the trans- <br />feror. The Registrar may, however, close the books for registration <br />of any transfer after the fifteenth day of the month preceding each <br />interest payment date and until such interest payment date. <br /> <br /> (c) Exchange Of Certificates. l~henever any Certificates are <br />surrendered by the registered owner for exchange the Registrar shall <br />authenticate and deliver one or more new Certificates of a like <br />aggregate principal amount and maturity, as requested by the regis- <br />tered owner or the owner's attorney in writing. <br /> <br /> (d) Cancellation. Ail Certificates surrendered upon any trans- <br />fer or exchange shall be promptly cancelled by the Registrar and <br />thereafter disposed of as directed by the City. <br /> <br /> (e) Improoer or Unauthorized Transfer. When any Certificate is <br />presented to the Registrar for transfer, the Registrar may refuse to <br />transfer the same until it is satisfied that the endorsement on such <br />Certificate or separate instrument of transfer is valid and genuine <br />and that the requested transfer is legally authorized. The Registrar <br />shall incur no liability for the refusal, in good faith, to make <br />transfers which it, in its judgment, deems improper or unauthorized. <br /> <br /> (f) Persons Deemed ~ners. The City and the Registrar may treat <br />the person in whose name any Certificate is at any time registered in <br />the Certificate register as the absolute owner of such Certificate, <br />whether such Certificate shall be overdue or not, for the purpose of <br />receiving payment of, or on account of, the principal of and interest <br />on such Certificate and for all other purposes, and all such pa~vments <br />so made to any such registered owner or upon the ov~er's order shall <br />be valid and effectual to satisfy the discharge the liability upon <br />such Certificate to the extent of the sum or sums so paid. <br /> <br /> (g) Taxes, Fees and Char~es. For every transfer or exchange of <br />Certificates, the Registrar may impose a charge upon the owner thereof <br />sufficient to reimburse the Registrar for any tax, fee or other <br /> <br /> <br />