* § 162. 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 such issue
then outstanding by instrument or instruments filed in the office of the
clerk of the county of Nassau or of Suffolk and proved or acknowledged
in the same manner as a deed to be recorded may appoint a trustee, to
represent the bondholders 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 issue of bonds then
outstanding shall upon being furnished security satisfactory to the
trustee for the recovery of his or its expense and against loss and
liability in his or its own name

(a) by suit, action or special proceeding, enforce all rights of the
bondholders, including the right to require the authority and the board
to collect revenues adequate to carry out any agreement as to, or pledge
of, such revenues and to require the authority and the board to carry
out any other agreements with the bondholders and to perform its and
their 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 bonds of such issue 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 issue 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 the bondholders. The venue of any
such suit, action or proceeding shall be laid in Nassau county or
Suffolk county.

4. 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 said
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 construction, operation, maintenance
and reconstruction of said part or parts of the project and proceed with
any construction thereon which the authority is under obligation to do
and to operate, maintain and reconstruct the said 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 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.

5. 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 the bondholders in the enforcement and protection of
their rights.

6. All bonds issued pursuant to the same resolution, although issued
at different times and with different terms and provisions and although
supplemental resolutions may be required prior to the issuance of part
of such bonds, shall constitute one issue for the purposes of this
section, but any resolution may provide that the bonds issued pursuant
thereto shall constitute one or more separate issues for the purposes of
this section.

* NB (Authority abolished June 30, 1978)