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

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

(b) bring suit upon such bonds or notes;

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

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

(e) declare all such bonds or notes 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 or notes
then outstanding, to annul such declaration and its consequences.

(3) 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 or noteholders in the enforcement and
protection of their rights.

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