Section 2513. Remedies of bondholders and noteholders

1. In the event
  that the authority shall default in  the  payment  of  principal  or  of
  interest on any issue of bonds or notes after the same shall become due,
  whether  at  maturty or upon call for redemption, and such default shall
  continue for a period of thirty days, or in the event that the authority
  shall fail or refuse to comply with the provisions  of  this  title,  or
  shall  default  in  any  agreement made with the holders of any issue of
  bonds or notes, the holders  of  twenty-five  per  centum  in  aggregate
  principal  amount  of the bonds or notes of such issue then outstanding,
  by instrument or instuments filed in the office  of  the  clerk  of  the
  county  in  which  the principal office of the authority is located, and
  proved or acknowledged in the same manner as a deed to be recorded,  may
  appoint  a  trustee  to represent the holders of such bonds or notes for
  the purposes herein provided.
    2. Such trustee may, and  upon  written  request  of  the  holders  of
  twenty-five  per  centum in principal amount of such bonds or notes then
  outstanding shall, in his or its own name:
    (a) enforce all rights of the bondholders  or  noteholders,  including
  the  right  to  require  the authority to collect interest and principal
  payments on the bonds held by it adequate to carry out any agreement  as
  to,  or  pledge of, such interest and principal payments, and to require
  the authority to carry out any other agreements with the holder of  such
  bonds or notes and to perform its duties under this title.
    (b) bring suit upon such bonds or notes.
    (c)  by action or suit, require the authority to account as if it were
  the trustee of an express trust for the holders of such bonds or notes.
    (d) by action or suit, enjoin any acts or things which may be unlawful
  or in violation of the rights of the holders of such bonds or notes.
    (e) declare all such bonds  or  notes  due  and  payable  and  if  all
  defaults  shall  be  made  good  then with the consent of the holders of
  twenty-five per centum of the principal amount of such  bonds  or  notes
  then outstanding, to annul such declaration and its consequences.
    3.  Such  trustee  shall in addition to the foregoing have and possess
  all the  powers  necessary  or  appropriate  for  the  exercise  of  any
  functions  specifically  set  forth  herein  or  incident to the general
  representation of bondholders in the enforcement and protection of their
  rights.
    4. Before declaring the principal of bonds or notes due  and  payable,
  the  trustee  shall  first  give  thirty  days' notice in writing to the
  mayor, to the authority and to the comptroller.
    5. The supreme court shall have jurisdiction of any  suit,  action  or
  proceeding  by  the trustee on behalf of bondholders or noteholders. The
  venue of any such suit, action, or  proceeding  shall  be  laid  in  the
  county of New York.
    * NB (Discontinued-Board of Directors never appointed)