2019 New York Laws
ACA - Arts and Cultural Affairs
Title V - American Museum of Natural History Planetarium Authority
Article 59 - American Museum of Natural History Planetarium Authority
59.21 - Remedies of Bondholders.

§ 59.21. Remedies of bondholders. 1. In the event that the Planetarium
Authority  shall  default  in the payment of principal of or interest on
any of the bonds 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 Planetarium Authority shall
fail or refuse to comply with the provisions of  this  title,  or  shall
default in any agreement made with the holders of the bonds, the holders
of twenty-five percentum in aggregate principal amount of the bonds then
outstanding  by  instrument  or  instruments  filed in the office of the
clerk of the county of New York and proved or acknowledged in  the  same
manner  as  a deed to be recorded may appoint a trustee to represent the
bondholders for the purposes herein provided;
  2. Such trustee may, and  upon  written  request  of  the  holders  of
twenty-five  percentum  in  the  principal  amount  of  the  bonds  then
outstanding shall, in his or its own name:
  (a) By suit, action or special proceeding enforce all  rights  of  the
bondholders,  including  the  right to require the Planetarium Authority
and the board to collect  admission  fees  adequate  to  carry  out  any
agreement  as  to, or pledge of, such admission fees, and to require the
Planetarium Authority and the board to carry out  any  other  agreements
with  the  bondholders  and  to  perform its and their duties under this
title;
  (b) Bring suit upon the bonds;
  (c) By action or suit in equity, require the authority to  account  as
if it were the trustee of an express trust for the bondholders;
  (d)  By  action or suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of the bondholders;
  (e) Declare all bonds due and payable, and if all  defaults  shall  be
made  good annul, upon the written consent of the holders of twenty-five
percentum in principal  amount  of  the  bonds  then  outstanding,  such
declaration and its consequences.
  3.  The  supreme  court shall have jurisdiction of any suit, action or
proceeding by the trustee on behalf of the bondholders. The venue of any
such suit, action or proceeding shall be laid in New York county.
  4. Before declaring the principal of all bonds  due  and  payable  the
trustee  shall  first  give  thirty  days'  notice  in  writing  to  the
Planetarium Authority.
  5. Any such trustee, whether or not all bonds have been  declared  due
and  payable,  shall  be  entitled  as  of right to the appointment of a
receiver who may enter and take possession of  the  planetarium  or  any
part  or parts thereof and operate and maintain the same and collect and
receive  all  admission  fees  and  other  revenues  thereafter  arising
therefrom  in  the same manner as the Planetarium Authority itself might
do and shall deposit all such moneys in a separate account and apply the
same in such manner as the court shall direct. In any  suit,  action  or
proceeding  by  the  trustee  the fees, counsel fees and expenses of the
trustee  and  of  the  receiver,  if  any,  shall   constitute   taxable
disbursements and all costs and disbursements allowed by the court shall
be  a first charge on any admission fees and other revenues derived from
the planetarium.
  6. 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  the bondholders in the enforcement and protection of
their rights.