State Codes and Statutes

Statutes > New-york > Pml > Article-6 > 616

§  616.  Remedies  of holders of bonds and notes. 1. In the event that  the corporation shall default in the payment  of  the  principal  of  or  interest on any issue of bonds or notes 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  provisions  of  this  article,  or shall default in any agreement made with the holders of any  issue of the bonds or notes, the holders of twenty-five  per  centum  in  aggregate  principal  amount  of  the  bonds or notes of such issue then  outstanding, by instrument or instruments filed in  the  office  of  the  city  clerk  of the city and approved or acknowledged in the same manner  as a deed to be recorded, may appoint a trustee to represent the holders  of such bonds or notes for the purposes herein provided.    2. Such trustee may, and  upon  written  request  of  the  holders  of  twenty-five  per  centum in principal amount of such bonds or notes then  outstanding shall, in his or its own name:    a. By suit, action or special proceedings enforce all  rights  of  the  holders  of  the  bonds  or  notes,  including  the right to require the  corporation to carry out any agreements with such holders and to perform  its duties under this article;    b. Bring suit upon such bonds or notes;    c. By action or suit, require the corporation to account as if it were  the trustee of an express trust for the holders of such bonds or notes;    d. By action or suit, enjoin any acts or things which may be  unlawful  or in violation of the rights of the holders of such bonds or notes;    e.  Declare  all  such  bonds  or  notes  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 or notes  then outstanding, annul such declaration and its consequences.    3. The supreme court shall have jurisdiction of any  suit,  action  or  proceedings  by the trustee on behalf of such holders of bonds or notes.  The venue of any such suit, action or proceeding shall be in the  county  of New York.    4.  Before  declaring the principal of bonds or notes due and payable,  the trustee shall first give thirty  days'  notice  in  writing  to  the  corporation.    5.  Any such trustee, whether or not the issue of bonds represented by  such trustee has been declared due and payable, shall be entitled as  of  right to the appointment of a receiver of the revenues which are pledged  for the security of the bonds of such issue, and such receiver may enter  and  take  possession  of the premises, equipment and property which the  corporation is operating or is entitled to use or occupy, and shall take  possession of all revenues of the corporation and other moneys to  which  the  corporation  is entitled, and shall proceed to conduct pari-mutuel,  off-track betting pursuant to the provisions  of  this  article  in  the  place  and  stead  of  the corporations from which otherwise, under such  article, would constitute revenues of the corporation and shall  perform  the  public  duties  and carry out the agreements and obligations of the  corporation  under  the  direction  of  the  court.  In  any  action  or  proceeding  by  the  trustee,  the fee, counsel fees and expenses of the  trustee  and  of  the  receiver,  if  any,  shall   constitute   taxable  disbursements  allowed  by  the court and shall be a first charge on any  revenues of the corporation.    6. Such trustee shall in addition to the foregoing  have  and  possess  all the powers necessary or appropriate for the exercise of any function  specifically  set forth herein or incident to the general representation  of the holders of such bonds or notes in the enforcement and  protection  of their rights.

State Codes and Statutes

Statutes > New-york > Pml > Article-6 > 616

§  616.  Remedies  of holders of bonds and notes. 1. In the event that  the corporation shall default in the payment  of  the  principal  of  or  interest on any issue of bonds or notes 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  provisions  of  this  article,  or shall default in any agreement made with the holders of any  issue of the bonds or notes, the holders of twenty-five  per  centum  in  aggregate  principal  amount  of  the  bonds or notes of such issue then  outstanding, by instrument or instruments filed in  the  office  of  the  city  clerk  of the city and approved or acknowledged in the same manner  as a deed to be recorded, may appoint a trustee to represent the holders  of such bonds or notes for the purposes herein provided.    2. Such trustee may, and  upon  written  request  of  the  holders  of  twenty-five  per  centum in principal amount of such bonds or notes then  outstanding shall, in his or its own name:    a. By suit, action or special proceedings enforce all  rights  of  the  holders  of  the  bonds  or  notes,  including  the right to require the  corporation to carry out any agreements with such holders and to perform  its duties under this article;    b. Bring suit upon such bonds or notes;    c. By action or suit, require the corporation to account as if it were  the trustee of an express trust for the holders of such bonds or notes;    d. By action or suit, enjoin any acts or things which may be  unlawful  or in violation of the rights of the holders of such bonds or notes;    e.  Declare  all  such  bonds  or  notes  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 or notes  then outstanding, annul such declaration and its consequences.    3. The supreme court shall have jurisdiction of any  suit,  action  or  proceedings  by the trustee on behalf of such holders of bonds or notes.  The venue of any such suit, action or proceeding shall be in the  county  of New York.    4.  Before  declaring the principal of bonds or notes due and payable,  the trustee shall first give thirty  days'  notice  in  writing  to  the  corporation.    5.  Any such trustee, whether or not the issue of bonds represented by  such trustee has been declared due and payable, shall be entitled as  of  right to the appointment of a receiver of the revenues which are pledged  for the security of the bonds of such issue, and such receiver may enter  and  take  possession  of the premises, equipment and property which the  corporation is operating or is entitled to use or occupy, and shall take  possession of all revenues of the corporation and other moneys to  which  the  corporation  is entitled, and shall proceed to conduct pari-mutuel,  off-track betting pursuant to the provisions  of  this  article  in  the  place  and  stead  of  the corporations from which otherwise, under such  article, would constitute revenues of the corporation and shall  perform  the  public  duties  and carry out the agreements and obligations of the  corporation  under  the  direction  of  the  court.  In  any  action  or  proceeding  by  the  trustee,  the fee, counsel fees and expenses of the  trustee  and  of  the  receiver,  if  any,  shall   constitute   taxable  disbursements  allowed  by  the court and shall be a first charge on any  revenues of the corporation.    6. Such trustee shall in addition to the foregoing  have  and  possess  all the powers necessary or appropriate for the exercise of any function  specifically  set forth herein or incident to the general representation  of the holders of such bonds or notes in the enforcement and  protection  of their rights.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pml > Article-6 > 616

§  616.  Remedies  of holders of bonds and notes. 1. In the event that  the corporation shall default in the payment  of  the  principal  of  or  interest on any issue of bonds or notes 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  provisions  of  this  article,  or shall default in any agreement made with the holders of any  issue of the bonds or notes, the holders of twenty-five  per  centum  in  aggregate  principal  amount  of  the  bonds or notes of such issue then  outstanding, by instrument or instruments filed in  the  office  of  the  city  clerk  of the city and approved or acknowledged in the same manner  as a deed to be recorded, may appoint a trustee to represent the holders  of such bonds or notes for the purposes herein provided.    2. Such trustee may, and  upon  written  request  of  the  holders  of  twenty-five  per  centum in principal amount of such bonds or notes then  outstanding shall, in his or its own name:    a. By suit, action or special proceedings enforce all  rights  of  the  holders  of  the  bonds  or  notes,  including  the right to require the  corporation to carry out any agreements with such holders and to perform  its duties under this article;    b. Bring suit upon such bonds or notes;    c. By action or suit, require the corporation to account as if it were  the trustee of an express trust for the holders of such bonds or notes;    d. By action or suit, enjoin any acts or things which may be  unlawful  or in violation of the rights of the holders of such bonds or notes;    e.  Declare  all  such  bonds  or  notes  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 or notes  then outstanding, annul such declaration and its consequences.    3. The supreme court shall have jurisdiction of any  suit,  action  or  proceedings  by the trustee on behalf of such holders of bonds or notes.  The venue of any such suit, action or proceeding shall be in the  county  of New York.    4.  Before  declaring the principal of bonds or notes due and payable,  the trustee shall first give thirty  days'  notice  in  writing  to  the  corporation.    5.  Any such trustee, whether or not the issue of bonds represented by  such trustee has been declared due and payable, shall be entitled as  of  right to the appointment of a receiver of the revenues which are pledged  for the security of the bonds of such issue, and such receiver may enter  and  take  possession  of the premises, equipment and property which the  corporation is operating or is entitled to use or occupy, and shall take  possession of all revenues of the corporation and other moneys to  which  the  corporation  is entitled, and shall proceed to conduct pari-mutuel,  off-track betting pursuant to the provisions  of  this  article  in  the  place  and  stead  of  the corporations from which otherwise, under such  article, would constitute revenues of the corporation and shall  perform  the  public  duties  and carry out the agreements and obligations of the  corporation  under  the  direction  of  the  court.  In  any  action  or  proceeding  by  the  trustee,  the fee, counsel fees and expenses of the  trustee  and  of  the  receiver,  if  any,  shall   constitute   taxable  disbursements  allowed  by  the court and shall be a first charge on any  revenues of the corporation.    6. Such trustee shall in addition to the foregoing  have  and  possess  all the powers necessary or appropriate for the exercise of any function  specifically  set forth herein or incident to the general representation  of the holders of such bonds or notes in the enforcement and  protection  of their rights.