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Session Laws, 1955
Volume 620, Page 171   View pdf image (33K)
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THEODORE R. McKELDIN, GOVERNOR                     171

trustee to represent the bondholders for the purposes herein pro-
vided. Such trustee and any trustee under any deed of trusty inden-
ture or other agreement may, and, upon written request of the
holders of twenty-five per centum (25%) (or such other percentage
as may be specified in any deed of trust, indenture or other agreement
aforesaid) in principal amount of the bonds then outstanding, shall
in his or its own name:

(a)  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 to collect tolls, rates, rentals, and other charges,
adequate to carry out any agreements as to or pledge of the revenues
or receipts of the Authority, and to require the Authority to carry
out any other agreements with or for the benefit of the bondholders,
and to perform its and their duties under this Act;

(b)   bring suit upon the bonds;

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

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

(e)  by notice in writing to the Authority, declare all bonds due
and payable, and if all defaults be made good, then with the consent
of the holders of twenty-five per centum (25%) (or such other per-
centage as may be specified in any deed of trust, indenture or other
agreement aforesaid) of the principal amount of the bonds then out-
standing, to annul such declaration and its consequences.

Any trustee, whether appointed as aforesaid or acting under a
deed of trust, indenture or other agreement and whether or not all
bonds have been declared due and payable, shall be entitled as of
right to the appointment of a receiver, who may (to the same extent
that the Authority itself could so do) enter and take possession of the
facilities of the Authority, or any parts thereof, the tolls, revenues,
rentals or receipts from which are or may be applicable to the pay-
ment of the bonds so in default, and operate and maintain the same,
and collect and receive all rentals and other revenues thereafter
arising therefrom in the same manner as the Authority might do, and
shall deposit all such moneys in a separate account, and apply the
same in such manner as the court shall direct. In any suit, action or
proceeding by the trustees, the fees, counsel fees, and expenses of
the trustee and of the receiver, if any, and all costs and disburse-
ments allowed by the court, shall be a first charge on any revenues
and receipts derived from the facilities of the Authority, the revenues
or receipts from which are or may be applicable to the payment of
the bonds so in default. Said trustee shall, in addition to the fore-
going, have and possess all of the powers necessary or appropriate
for the exercise of any functions specifically set forth herein or
incident to the general representation of the bondholders in the
enforcement and protection of their rights.

In addition to all other rights and all other remedies, any holder
of bonds of the Authority shall have the right by mandamus or other
suit, action, or proceeding at law or in equity to enforce his rights
against the Authority, including the right to require the Authority
of collecting tolls, fees, rentals and other charges adequate to carry
out any agreement as to or pledge of such tolls, fees, rentals, or other


 

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Session Laws, 1955
Volume 620, Page 171   View pdf image (33K)
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