2009 New Mexico Statutes
Chapter 72 - Water Law.
Article 19 - Southern Sandoval County Flood Control
Section 72-19-77 - Remedies of security holders.

72-19-77. Remedies of security holders.

Subject to any contractual limitations binding upon the holders of any issue or series of securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any prior or superior rights of others, any holder of securities, or trustee therefor, shall have the right and power for the equal benefit and protection of all holders of securities similarly situated:   

A.     by mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the authority  and the board and any of its officers, agents and employees, and to require and compel the authority or the board or any such officers, agents or employees to perform and carry out its and their duties, obligations or other commitments under the Southern Sandoval County Arroyo Flood Control Act [72-19-1 to 72-19-103 NMSA 1978] and its and their covenants and agreements with the holder of any security;   

B.     by action or suit in equity to require the authority and the board to account as if they were the trustee of an express trust;   

C.     by action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any system or project or services revenues from which are pledged for the payment of the securities, prescribe sufficient fees derived from the operation thereof, and collect, receive and apply all revenues or other money pledged for the payment of the securities in the same manner as the authority itself might do in accordance with the obligations of the authority; and   

D.     by action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holder of any security and to bring suit thereupon.