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17
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<br />subject to the provisions for registration and transfer herein and in the Bonds
<br />contained, shall be negotiable instruments. The Bonds, except while registered
<br />as to principal otherwise than to bearer, and except while fully registered as to
<br />both principal and interest, shall pass by delivery. The registration of any Bond
<br />as to principal shall not affect the negotiability of its coupons, which shall remain
<br />payable to bearer and pass by delivery, whether or not the Bond to which any
<br />coupon appertains is registered. The City, the Fiscal Agent, and any Paying
<br />Agent and any other person may treat the bearer of any unregistered Bond, the
<br />bearer of any Bond registered to bearer, the registered owner of any Bond reg-
<br />istered as to principal or as to both principal and interest, and the bearer of
<br />any coupon, whether or not the Bond to which said coupon appertains is regis-
<br />tered as to principal, as the absolute owner of such Bond, or coupon, as the
<br />case may be, for the purpose of receiving payment thereof and for all other pur-
<br />poses, and neither the City nor the Fiscal Agent nor any Paying Agent shall be
<br />affected by any notice or knowledge to the contrary, whether such Bond or coupon
<br />shall be overdue or not. All payments of or on account of interest to any bearer
<br />of any coupon, or to any registered owner of any Bond registered as to both
<br />principal and interest (or to his registered assigns), and all payments of or on
<br />account of principal to any bearer of any unregistered Bond, or to any bearer
<br />of any Bond registered to bearer, or to any registered owner of any Bond registered
<br />as to principal or as to both principal and interest, shall be valid and effectual and
<br />shall be a discharge of the City and the Fiscal Agent in respect of the liability upon
<br />the Bond or coupon or claim for interest, as the case may be, to the ext~ht of the
<br />sum or sums so paid.
<br /> S£cxloN 2.07. Registration. The City will keep at the principal office of
<br />the Fiscal Agent in San Francisco, California,-at all times while any of the Bonds
<br />containing provisions for registration and transfer ball be outstan~ding and unpaid,
<br />books for the registration and transfer of such Bonds. Upon p~esentation at such
<br />office of the Fiscal Agent for such purpose by any bearer of any Bond, the Fiscal
<br />Agent will, under such reasonable regulations as (with the approval of the City)
<br />the Fiscal Agent may prescribe from time to time, register, or cause to be registered
<br />therein, in the name of the bearer or his nominee, the ownersh[ ,p.2.~s to principal
<br />only, of any such presented Bond, such registration being noted on the Bond.
<br />After such registration and notation, no transfer of any such Bond registered other-
<br />wise than as to bearer shall be valid unless evidenced by a written instrument of
<br />transfer, in form satisfactory to the Fiscal Agent, duly executed by the registered
<br />owner in person or by his duly authorized agent; but any such Bond so registered
<br />may be discharged from registration, and transferability by delivery be restored, by
<br />a like transfer to bearer similarly registered and noted, and after such transfer to
<br />bearer such Bond shall be a bearer Bond. Any such Bond may again, from time to
<br />time, in like manner, be registered as to principal only, or be transferred to bearer.
<br />If any Bond shall be registered as to principal only, the coupons appertaining
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