The Governor, Auditor General and State Treasurer shall have the power and their duty shall be, with respect to all future loans, bonds and notes of this Commonwealth, to select and designate the particular duly authorized loan and transfer agent to issue and countersign the same, but each of the loan and transfer agents of the Commonwealth are hereby authorized to register and transfer the same, to keep records of such registration and transfer, and to receive and disburse payments of principal and interest thereon. The Governor, Auditor General and State Treasurer shall fix the compensation and the terms and conditions under which each loan and transfer agent shall perform its agency.