1772 - Remedies of bondholders.

§  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.