§ 1772. Remedies of bondholders. 1. In the event that the authority shall default in the payment of principal or of interest on an 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 the authority shall fail or refuse to comply with the provisions of this title or shall default in an agreement with holders of an issue of bonds then outstanding, the holders of twenty-five per centum of the aggregate principal amount of the bonds of the issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Cattaraugus and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the bonds for the purposes herein provided. 2. The trustee may and, upon written request of the holders of twenty-five per centum of the aggregate principal amount of such bonds then outstanding, shall, in his name, (a) By suit, action or special proceeding enforce all rights of the bondholders, including the right to require the authority to collect revenues, rates, fees and other charges adequate to carry out any agreement as to, or pledge of, such revenues, rates, fees and other charges, and to require the authority to carry out any other agreement with the bondholders and to perform its duties under this title; (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) Declare all the 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 aggregate principal amount of the bonds, then outstanding to annul the declaration and its consequences. 3. The supreme court of the state shall have jurisdiction of a suit, action or proceeding by the trustee on behalf of the bondholders. The venue of the suit, action or proceeding shall be laid in the county of Cattaraugus. 4. Before declaring the principal of the bonds due and payable, the trustee shall first give thirty days' notice in writing to the authority. 5. The trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of functions specifically set forth herein or incident to the general representation of bondholders in the enforcement and protection of their rights.
§ 1772. Remedies of bondholders. 1. In the event that the authority shall default in the payment of principal or of interest on an 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 the authority shall fail or refuse to comply with the provisions of this title or shall default in an agreement with holders of an issue of bonds then outstanding, the holders of twenty-five per centum of the aggregate principal amount of the bonds of the issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Cattaraugus and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the bonds for the purposes herein provided. 2. The trustee may and, upon written request of the holders of twenty-five per centum of the aggregate principal amount of such bonds then outstanding, shall, in his name, (a) By suit, action or special proceeding enforce all rights of the bondholders, including the right to require the authority to collect revenues, rates, fees and other charges adequate to carry out any agreement as to, or pledge of, such revenues, rates, fees and other charges, and to require the authority to carry out any other agreement with the bondholders and to perform its duties under this title; (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) Declare all the 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 aggregate principal amount of the bonds, then outstanding to annul the declaration and its consequences. 3. The supreme court of the state shall have jurisdiction of a suit, action or proceeding by the trustee on behalf of the bondholders. The venue of the suit, action or proceeding shall be laid in the county of Cattaraugus. 4. Before declaring the principal of the bonds due and payable, the trustee shall first give thirty days' notice in writing to the authority. 5. The trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of functions specifically set forth herein or incident to the general representation of bondholders in the enforcement and protection of their rights.
§ 1772. Remedies of bondholders. 1. In the event that the authority shall default in the payment of principal or of interest on an 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 the authority shall fail or refuse to comply with the provisions of this title or shall default in an agreement with holders of an issue of bonds then outstanding, the holders of twenty-five per centum of the aggregate principal amount of the bonds of the issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Cattaraugus and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the bonds for the purposes herein provided. 2. The trustee may and, upon written request of the holders of twenty-five per centum of the aggregate principal amount of such bonds then outstanding, shall, in his name, (a) By suit, action or special proceeding enforce all rights of the bondholders, including the right to require the authority to collect revenues, rates, fees and other charges adequate to carry out any agreement as to, or pledge of, such revenues, rates, fees and other charges, and to require the authority to carry out any other agreement with the bondholders and to perform its duties under this title; (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) Declare all the 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 aggregate principal amount of the bonds, then outstanding to annul the declaration and its consequences. 3. The supreme court of the state shall have jurisdiction of a suit, action or proceeding by the trustee on behalf of the bondholders. The venue of the suit, action or proceeding shall be laid in the county of Cattaraugus. 4. Before declaring the principal of the bonds due and payable, the trustee shall first give thirty days' notice in writing to the authority. 5. The trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of functions specifically set forth herein or incident to the general representation of bondholders in the enforcement and protection of their rights.
