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Bonds issued hereunder may be registered or coupon bonds.  Coupon bonds may be registered as to principal in the holder’s name on the books of the treasurer, of the district, the registration being noted on the bond by the treasurer, after which no transfer shall be valid unless made on the treasurer’s books by the registered holder and similarly noted on the bonds.  Bonds registered as to principal may be discharged from registration by being transferred to bearer after which they shall be transferable by delivery, but may be again registered as to principal as before.  The registration of the bonds as to principal shall not restrain the negotiability of the coupons by delivery merely.