Question about cooling water exhaust

In the outboards and regular inboards I've owned in the past, all the cooling water went out through the exhaust ports. This is my first I/O (1988 Sea Ray 20' Seville, 4.3LX V6, Alpha One), I've only run it on the muffs, but yesterday I noticed the water runs out two ports on the mounting flange of the outdrive, not out the propeller. I'm assuming this is normal, but would like confirmation. Here's a shot, running about 800 rpm

Also, I'm unfamiliar with the "shutters" mentioned in several of the posts I've read. I assume they are for preventing water flow up into the exhaust manifolds from following seas or powering down suddenly. Where are they exactly, and how can their operation be checked?

Thanks for any replies,
Gene

Re: Question about cooling water exhaust

Normal.
The shutters are at the top of the 'Y' pipe, one on each side of the engine. If you hear them clicking/clacking at idle replacement is needed.