§ 586. Remedies of bondholders. 1. In the event that the authority
shall default in the payment of principal of or interest on any 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 the bonds, the holders of twenty-five per
centum in aggregate principal amount of the bonds then outstanding by
instrument or instruments, filed in the office of the clerk of the
county of Jefferson 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 the bonds then outstanding
shall, 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 tolls and rentals adequate to carry out any agreement as to,
or pledge of, such tolls and rentals, 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 due and payable and if any default shall be made
good 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 proceedings shall be laid in Jefferson county.

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

5. Any such trustee, whether or not all bonds have been declared due
and payable, shall be entitled as of right to the appointment of a
receiver who may enter and take possession of the bridges and road then
under the jurisdiction of the authority or any part or parts thereof and
operate and maintain the same and collect and receive all tolls, rentals
and other revenues thereafter arising from the American channel bridge
in the same manner as the authority itself might do and shall deposit
all such moneys in a separate account and apply the same in such manner
as the court shall direct. 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
tolls, rentals and other revenues derived from the American channel
bridge.

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 the bondholders in the enforcement and protection of
their rights.