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shall thereby be authorized to authenticate, date and deliver <br /> such Bond; provided, however, (a the a re ate Ori inal Prin i- <br /> ) 99 9 9 c <br /> pal Amount of outstanding Capital Appreciation Bonds of each <br /> maturity authenticated by the Bond Registrar shall not exceed the <br /> authorized aggregate Original Principal Amount of Capital Appre- <br /> ciation Bonds of such maturity less previous retirements and (b) <br /> the principal amount of outstanding Current Interest Bonds of <br /> each maturity authenticated by the Bond Registrar shall not ex- <br /> ceed the authorized principal amount of Current Interest Bonds <br /> for such maturity less previous retirements. <br /> The Bond Registrar shall not be required to transfer or <br /> exchange any Bond (A) during the period beginning at the close of <br /> business on the fifteenth day of the calendar month next preced- <br /> ing any interest payment date on such Bond and ending on such <br /> interest payment date, (B) after notice calling such Bond for <br /> redemption has been mailed, or (C) during a period of fifteen <br /> ( 15) days next preceding mailing of a notice of redemption of <br /> such Bond. <br /> The person in whose name any Bond shall be registered <br /> shall be deemed and regarded as the absolute owner thereof for <br /> all ur oses, and <br /> p p payment of the Compound Accreted Value of, <br /> principal of or interest on any Bond, as appropriate, shall be ' <br /> made only to or upon the order of the registered owner thereof or ', <br /> his legal representative. All such payments shall be valid and II <br /> effectual to satisfy and discharge the liability upon such Bond li� <br /> -8- <br />