The Laws of Texas, 1934-1935 [Volume 29] Page: 445 of 2,086
1 volume (multiple pagings 2,086 pages total); 25 cm.View a full description of this book.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
28 GENERAL AND SPECIAL LAWS.
bonds the holders of which must consent thereto, and the
manner in which such consent may be given, (i) for the
execution and delivery by the District to a bank or trust company
authorized by law to accept trusts, or to the United States
of America or any officer or agency thereof, of indentures
and
agreements for the benefit of the holders of such bonds
setting forth any or all of the agreements herein authorized
to be made with or for the benefit of the holders of such 'bonds
and such other provisions as may be customary in such indentures
or agreements; and (j) such other provisions, not
inconsistent with the provisions of the Act, as the Board may
approve;.
Any such resolution and any indenture or agreement entered
into pursuant thereto may provide that in the event that
(a) default shall be made in the payment of the interest
on any or all bonds when and as the same shall become due
and payable, or
(b) default shall be made in the payment of the principal
of any or all bonds when and as the same shall become due and
payable, whether at the maturity thereof, by call for redemption
or otherwise, or
(c) default shall be made in the performance of any agreement
made with the purchasers or successive holders of any
bonds,
And such default shall have continued such period, if any,
as may be prescribed by said resolution in respect thereof, the
trustee under the indenture or indentures entered into in respect
of the bonds authorized thereby, or, if there shall be
no such indenture, a trustee appointed in the manner provided
in such resolution or resolutions by the holders of twenty-five
per centum (25%) in aggregate principal amount of the bonds
authorized thereby and at the time outstanding may, and upon
the written request of the holders of twenty-five per centum
(25%) in aggregate principal amount of the bonds authorized
by such resolution or resolutions at the time outstanding,
shall, in his or its own name, but for the equal and proportionate
benefit of the holders of all of such bonds; and with or
without having possession thereof;
(1) by mandamus or other suit, action or proceeding at
law or in equity, enforce all rights of the holders of such bonds,
(2) bring suit upon such bonds and/or the appurtenant
coupons,
(3) by action or suit in equity, require the district to account
as if it were the trustee of an express trust for the bondholders,
(4) by action or suit in equity, enjoin any acts or things
which may be unlawful or in violation of the rights of the
holders of such bonds, and/or,
(5) after such notice to the District as such resolution
may provide, declare the principal of all of such bonds due
and payable, and if all defaults shall have been made good,
then with the written consent of the holders of twenty-five
Upcoming Pages
Here’s what’s next.
Search Inside
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17292/m1/445/: accessed March 29, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .