§ 9-7-115 — Appointment of trustee by bondholders; powers and duties thereof

(a) If the authority defaults in the payment of principal
of or interest on any bonds after they become due, whether at
maturity or upon call for redemption, and the default continues
for a period of thirty (30) days, or if the authority fails or
refuses to comply with the provisions of this act, or defaults
in any agreement made with the holders of any bonds, the holders
of twenty-five percent (25%) in aggregate principal amount of
the bonds of the issue then outstanding, by instrument or
instruments filed in the office of the secretary of state, may
appoint a trustee to represent the holders of the bonds for the
purposes herein provided.
(b) The trustee may, and upon written request of the
holders of twenty-five percent (25%) in principal amount of such
bonds then outstanding shall, in his or its own name:
(i) By suit, action or proceeding enforce all rights
of the bondholders to require the authority to carry out any
other agreements with the holders of the bonds and to perform
its duties under this act;
(ii) Bring suit upon the bonds;
(iii) By action or suit, require the authority to
account as if it were the trustee of an express trust for the
holders of the bonds;
(iv) By action or suit, enjoin any acts or things
which may be unlawful or in violation of the rights of the
holders of the bonds;
(v) Declare all the bonds due and payable, and if all
defaults are made good, then, with the consent of the holders of
twenty-five percent (25%) of the principal amount of the bonds
then outstanding, to annul the declaration and its consequences.
(c) In addition, the trustee has all the powers necessary
or appropriate for the exercise of any functions specifically
set forth in this act or incident to the general representation
of bondholders in the enforcement and protection of their
rights.