Rights of Issuer with Respect to Registered Owner

(1)Prior to due presentment for registration of transfer of a security in registered form the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, to receive notifications and otherwise to exercise all the rights and powers of an owner.

(2)Nothing in this division shall be construed to affect the liability of the registered owner of a security for calls, assessments or the like. COL120106 DIV. 8 INVESTMENT SECURITIES