§ 17-18-203 — Bondholder protection provision; amendments

Wyoming § 17-18-203

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 18: WYOMING MANAGEMENT STABILITY ACT
• Art. 2: BONDHOLDER PROTECTION PROVISIONS

Text

(a) At any time any amendment may be made to the
bondholder protection provisions with the consent of the
percentage of bondholders required for action as stated in the
notice of bondholder protection. Such an amendment shall be
effective upon filing the bondholder's consent and notice of
amendment with the secretary of state. However, the effective
date shall be specified in the notice and shall be at least two
(2) years and not more than six (6) years after filing the
bondholder's consent and notice of the amendment with the
secretary of state for amendments which:
(i) Change the time period for revocations to be
effective;
(ii) Decrease the percentage of bondholders required
for approval of an action;
(iii) Eliminate the requirement of bondholder
approval for a specific action; or
(iv) Otherwise decrease the protection available to
bondholders.
(b) The bondholder's consent shall be in writing signed by
the bondholder or his lawful agent or trustee. Unless otherwise
specified in W.S. 17-18-201 through 17-18-206 the consent is
valid until revoked by the bondholder. The sale of the bond or
debt instrument by the bondholder revokes the consent effective
upon notification of the corporation or transfer agent of the
sale.