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Session Laws, 1935
Volume 579, Page 754   View pdf image (33K)
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754 LAWS OF MARYLAND. [CH. 330

outstanding, may appoint a trustee to represent the bondhold-
ers for the purposes herein provided. Such appointment shall
be made by an instrument or instruments acknowledged in
the same manner as a deed and recorded and filed in the Cir-
cuit 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, in-
cluding 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 Article;

(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
holders 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 payable, the trustee shall first give thirty days' notice
in writing 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 security
for such issue of bonds, and operate and maintain the same
and collect and receive all tolls, rentals and other revenues

 

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Session Laws, 1935
Volume 579, Page 754   View pdf image (33K)
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