* § 1599-p. 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 special proceeding enforce all rights of the
bondholders, including the right to require the authority to collect
revenues adequate to carry out by any agreement as to, or pledge of,
such revenues, and to require the authority to carry out any other
agreements with the holders of such bonds and to perform its duties
under this title;

(b) bring suit upon such bonds;

(c) by action or special 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 special proceeding, 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, to annul
such declaration and its consequences.

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

4. Before declaring the principal of all such 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
project 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 project and, subject to any pledge or agreement
with bondholders, shall take possession of all moneys and other property
derived from or applicable to the acquisition, construction, operation,
maintenance and reconstruction of such part or parts of the project and
proceed with the acquisition of any necessary real property in
connection with the project that the authority has covenanted to
construct, and with any construction which the authority is under
obligation to do and to operate, maintain and reconstruct such part or
parts of the project 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 fee,
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 such project.

6. Such trustee 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 Authority terminated 07/01/1974

* NB There are 4 § 1599-p's