§ 2046-h. Remedies of bondholders and noteholders. Subject to\nresolutions adopted pursuant to paragraph (j) of subdivision three of\nsection two thousand forty-six-g of this title:\n 1. In the event that the agency shall default in the payment of\nprincipal of or interest on any issue of bonds or notes after the same\nshall become due, whether at maturity or upon call for redemption, and\nsuch default shall continue for a period of thirty days, or in the event\nthat the agency shall fail or refuse to comply with the provisions of\nthis title or shall default in any agreement made with the holders of\nany issue of bonds or notes, the holders of twenty-five per cent in\naggregate principal amount of the bonds or notes, of such issue then\noutstanding, by instrument or instruments filed i
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§ 2046-h. Remedies of bondholders and noteholders. Subject to\nresolutions adopted pursuant to paragraph (j) of subdivision three of\nsection two thousand forty-six-g of this title:\n 1. In the event that the agency shall default in the payment of\nprincipal of or interest on any issue of bonds or notes after the same\nshall become due, whether at maturity or upon call for redemption, and\nsuch default shall continue for a period of thirty days, or in the event\nthat the agency shall fail or refuse to comply with the provisions of\nthis title or shall default in any agreement made with the holders of\nany issue of bonds or notes, the holders of twenty-five per cent in\naggregate principal amount of the bonds or notes, of such issue then\noutstanding, by instrument or instruments filed in the office of the\nclerk of the county of Suffolk and proved or acknowledged in the same\nmanner as a deed to be recorded, may appoint a trustee to represent the\nholders of such bonds or notes for the purpose herein provided.\n 2. Such trustee may, and upon written request of the holders of\ntwenty-five per centum in aggregate principal amount of such bonds or\nnotes outstanding, shall in his or its own name:\n (a) by suit, action or proceeding in accordance with the civil\npractice law and rules, enforce all rights of the bondholders or\nnoteholders, including the right to require the agency to collect\nrentals, rates, fees and charges adequate to carry out any agreement as\nto, or pledge of such rentals, rates, charges and other fees and to\nrequire the agency to carry out any other agreements with the holders of\nsuch bonds or notes to perform its duties under this title;\n (b) bring suit upon such bonds or notes;\n (c) by action or suit, require the agency to account as if it were the\ntrustee of an express trust for the holders of such bonds or notes;\n (d) by action or suit, enjoin any acts or things which may be unlawful\nor in violation of the rights of the holders of such bonds or notes;\n (e) declare all such bonds or notes due and payable, and if all\ndefaults shall be made good, then with the consent of the holders of\ntwenty-five per centum in aggregate principal amount of such bonds or\nnotes then outstanding, to annul such declaration and its consequences.\n 3. Such trustee shall in addition to the foregoing have and possess\nall of the powers necessary or appropriate for the exercise of any\nfunctions specifically set forth herein or incident to the general\nrepresentation of bondholders or noteholders in the enforcement and\nprotection of their rights.\n 4. The supreme court shall have jurisdiction of any suit, action, or\nproceeding by the trustee on behalf of such bondholders or noteholders.\nThe venue of any such suit, action or proceeding shall be laid in the\ncounty of Suffolk.\n 5. Before declaring the principal of bonds or notes due and payable,\nthe trustee shall first give thirty days notice in writing to the\ngoverning body and president of the agency.\n 6. Any such trustee whether or not the issue of bonds represented by\nsuch trustee has been declared due and payable, shall be entitled as of\nright to the appointment of a receiver of any part or parts of the\nproperties the revenues of which are pledged for the security of the\nbonds or notes of such issue and such receiver may enter and take\npossession of such part or parts of the properties and subject to any\npledge or agreement with holders of bonds or notes shall take possession\nof all moneys and other property derived from such part or parts of the\nproperties and proceed with any construction thereon or the acquisition\nof any property, real or personal in connection therewith which the\nagency is under obligation to do, and to operate, maintain and\nreconstruct such part or parts of the properties and collect and receive\nall revenues thereafter arising therefrom subject to any pledge thereof\nor agreement with bond or note holders relating thereto and perform the\npublic duties and carry out the agreements and obligations of the agency\nunder the direction of the court. In any suit, action or proceeding by\nthe trustee the fees, counsel fees and expenses of the trustee and of\nthe receiver, if any, shall constitute taxable disbursements and all\ncosts and disbursements allowed by the court shall be a first charge on\nany revenues derived from the properties.\n