228 TIMBER BONDS 



Interest coupons shall be authenticated by 

 the engraved fac-simile signature of the pres- 

 ent Treasurer of the Company, and the Com- 

 pany may adopt and use said coupons, notwith- 

 standing the fact that the present Treasurer 

 may have ceased to hold such office at the time 

 when said bonds, or some portion thereof, shall 

 be actually certified and delivered. 



The Trustees shall not be bound to see to 

 the application, use or disposition of any of 

 the bonds secured hereby, or of the proceeds 

 thereof. 



AETICLE II. 



Any bond secured hereby shall pass by de- 

 livery unless registered, but it may be regis- 

 tered as to principal in the holder's name on 

 the books of tlie Union Trust Company, Eeg- 

 istrar, at its office in the City of Chicago, Illi- 

 nois, such registry being noted on the bond by 

 said Registrar, after which only such registered 

 holder, or the legal representative of such 

 holder, shall be entitled to receive the principal 

 thereof; and no transfer shall be valid unless 

 made on said Registrar's books by the regis- 

 tered holder of the bond in person or by the 

 legal representative of such holder and simi- 

 larly noted on the bond; but the bond may be 

 discharged from registry by registration to 

 bearer, after which it shall be transferable by 

 delivery. It may be registered again, however, 

 in the manner above provided. 



