1204 ARTICLE 89B.

of the projects, shall be exempt from assessment, and from State, County
and City taxes in this State.

1935, ch. 330, sec. 87.

97. A. In the event that the Authority shall default in the payment of
principal of or interest on any issue of bonds after the same shall become
due, whether at maturity or upon call for redemption, and such default
shall continue for a period of thirty days, or in the event that the Authority
shall fail or refuse to comply with the provisions of this sub-title or shall
default in any agreement made with the holders of any bonds of such
issue, the holders of twenty-five per centum in aggregate principal amount
of the bonds of such issue, then outstanding, may appoint a trustee to
represent the bondholders for the purposes herein provided. Such appoint-
ment shall be made by an instrument or instruments acknowledged in the
same manner as a deed and recorded and filed in the Circuit Court for
any county in which any portion of the projects for the construction or
acquisition of which such issues of bonds was issued, is located.

B. Such trustee may, and upon written request of the holders of
twenty-five per centum in principal amount of any issue of bonds then
outstanding shall, in his or its own name, and as to any such issue—

(1) sue on the bonds;

(2) by mandamus or other suit, action or proceeding at law or in
equity, enforce all rights of the bondholders, including the right to require
the Authority and the Board to collect tolls and rentals adequate to carry
out any agreement as to or pledge of such tolls or rentals and to require the
Authority and the Board, to carry out any other agreements with the
bondholders and to perform its and their duties under this sub-title;

(3) by action or suit in equity, require the Authority to account as if
it were the trustee of an express trust for the bondholders;

(4) by action or suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of the bondholders;

(5) declare all of such bonds due and payable and if all defaults shall
be made good, then with the consent of the holdlers of twenty-five per
centum of the principal amount of such bonds then outstanding, to annul
such declaration and its consequences.

C. The venue of any suit, action or proceeding by the trustee in behalf

of the bondholders shall be any county in which any portion of the project,

in connection with which such bonds were issued, is located, and the

Circuit Court of such County shall have jurisdiction of any suit, action

or proceeding by the trustee on behalf of the bondholders.

D. Before declaring the principal of any issue of bonds due and pay-
able, the trustee shall first give thirty days' notice in writinng to the
Authority.

E. Any such trustee, whether or not all bonds of such issue have been
declared due and payable, shall be entitled as of right to the appointment
of a receiver who may enter and take possession of the project or projects
or any part or parts thereof, the tolls of which have been pledged as