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be provided in the resolution or resolutions above mentioned awarding such bonds. At the request of the holder of any temporary bond without coupons, the Board or the Executive Committee shall, within ninety (90) days after its receipt of such request, cause to be prepared and executed and delivered to the holder in exchange for such temporary bond without coupons, at the place designated by the holder and without expense to the holder, definitive coupon bonds, having text of type composition printed on paper of customary weight and strength, in an aggregate principal amount equal to the principal amount of such temporary bond without coupons then unpaid and having maturities corresponding to the maturities of the instalments of principal of such temporary bond without coupons then unpaid and bearing interest at the same rate or rates as provided in such temporary bond without coupons. Upon any such exchange all coupons appertaining to the definitive coupon bonds and representing interest theretofore paid shall be detached and cancelled and such temporary bond without coupons shall be cancelled. Until so exchanged such temporary bond without coupons shall in all respects be entitled to the same benefit of this Resolution as the definitive coupon bonds to be issued hereunder.

Section 206. Title to any definitive coupon bond, unless such bond is registered in the manner hereinafter provided, and to any interest coupon shall pass by delivery in the same manner as a negotiable instrument payable to bearer, and such bond shall have all the qualities and incidents of and shall be deemed to be a negotiable instrument under the laws of the State of North Carolina and, subject to the provisions of registration as herein provided, nothing contained in this Resolution shall affect or impair the negotiability of such bond.

The Board shall cause books for the registration and for the transfer of the bonds as provided in this Resolution to be kept by the Treasurer of the Board, as Bond Registrar. At the option of the bearer, any definitive coupon bond may be registered as to principal alone on such books upon presentation thereof to the Bond Registrar who shall make notation of such registration thereon. Any definitive coupon bond so registered may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed on the bond by the Bond Registrar. Such transfer may be to bearer and thereby transferability by delivery shall be restored, subject, however, to successive registrations and transfers as before. The principal of any definitive coupon bond so registered, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative, but the coupons appertaining to any definitive coupon bond shall remain payable to bearer notwithstanding such registration. No charge shall be made to any bondholder for the privilege of registration and transfer hereinabove granted, but any bondholder requesting any such registration or transfer shall pay any tax, fee or other governmental charge required to be paid with respect thereto.

Any temporary bond without coupons may be transferred only upon execution of an assignment thereon duly executed by the registered owner thereof or by his or its attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice such bond so transferred shall be registered as to both principal and interest on the registration books above provided for in the name of the assignee named in such notice, but no such transfer shall be to bearer. The Bond Registrar may require delivery of such assigned bond for verification of the Payment Record, or, at the option of the Bond Registrar, in exchange for a new temporary bond.

As to any definitive coupon bond registered as to principal alone, and as to any temporary bond without coupons, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such definitive