* § 1020-i. Remedies of bondholders. 1. In the event that the
authority shall default in the payment of principal of or interest on
any issue of the 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 that the authority shall
fail or refuse to comply with the provisions of this title, or shall
default in any agreement made with the holders of any issue of the
bonds, the holders of twenty-five per centum in aggregate principal
amount of the bonds of such issue then outstanding, by instrument or
instruments filed in the office of the clerk of the county of Albany and
proved or acknowledged in the same manner as a deed to be recorded, may
appoint a trustee to represent the holders of such bonds 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 then
outstanding shall, in his or its own name:

(a) by action or proceeding in accordance with the civil practice law
and rules, enforce all rights of the bondholders and require the
authority to carry out any agreements with the holders of such bonds and
to perform its duties under this title;

(b) bring an action or proceeding upon such bonds;

(c) by action or proceeding, require the authority to account as if it
were the trustee of an express trust for the holders of such bonds;

(d) by action or proceeding in equity, enjoin any acts or things which
may be unlawful or in violation of the rights of the holders of such
bonds;

(e) declare all such 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 principal amount of such bonds then outstanding, annul
such declaration and its consequences.

3. The supreme court shall have jurisdiction of any action or
proceeding by the trustee on behalf of bondholders. The venue of any
such action or proceeding shall be laid in the county of Albany.

4. Before declaring the principal of bonds due and payable, the
trustee shall first give thirty days' notice in writing to the
authority.

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 any part or parts of the
properties the revenues of which are pledged for the security of the
bonds of such issue and such receiver may enter and take possession of
such part or parts of the properties and subject to any pledge or
agreement with bondholders shall take possession of such part or parts
of such properties and proceed with any construction thereon or the
acquisition of any property, real or personal in connection therewith
which the authority is under obligation to do, and to operate, maintain
and reconstruct such part or parts of the properties and collect and
receive all revenues thereafter arising therefrom subject to any pledge
thereof or agreement with bondholders relating thereto and perform the
public duties and carry out the agreements and obligations of the
authority under the direction of the court. In any suit, action or
proceeding by the trustee the fees, counsel fees and expenses of the
trustee and of the receiver, if any, shall constitute taxable
disbursements and all costs and disbursements allowed by the court shall
be a first charge on any revenues derived from the properties.

6. Such trustees shall in addition to the foregoing 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 bondholders in the enforcement and protection of their
rights.

* NB There are 2 § 1020-i's