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Session Laws, 1957
Volume 640, Page 657   View pdf image (33K)
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Theodore R. McKeldin, Governor                    657

bonds. All bonds so purchased or redeemed shall forthwith be
cancelled.

12. (Rights and Remedies of Bondholders)—The rights and the
remedies, herein conferred upon or granted to the bondholders, shall
be in addition to and not in limitation of any rights and remedies law-
fully granted to such bondholders by the resolution or resolutions
providing for the issuance of bonds, or by any deed of trust, in-
denture, or other agreement under which the same may be issued.
In the event that the Authority shall default in the payment of
principal of or interest on any of the bonds after said principal or
interest shall become due, whether at maturity or upon call for
redemption, and such default shall continue for a period of thirty
(30) days, or in the event that the Authority shall fail or refuse
to comply with the provisions of this Act, or shall default in any
agreement made with the holders of the bonds, the holders of
twenty-five per centum (25%) in the aggregate principal amount of
the bonds then outstanding, by instrument or instruments filed in
the office of the Clerk of the Circuit Court for Montgomery County,
and proved or acknowledged in the same manner as a deed to be
recorded, may (except as such right may be limited under the pro-
visions of any deed of trust, indenture or other agreement as afore-
said) appoint a trustee to represent the bondholders for the pur-
poses herein provided. Such trustee and any trustee under any deed
of trust, indenture 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 bond-
holders, 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
percentage as may be specified in any deed of trust, indenture or
other agreement aforesaid) of the principal amount of the bonds
then outstanding, 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,

 

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Session Laws, 1957
Volume 640, Page 657   View pdf image (33K)
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