Section 1865. Rights and remedies of bondholders and noteholders

The
  holders of bonds and notes shall have the following rights and remedies,
  subject to the terms of the resolution authorizing such bonds and  notes
  or  any  trust  indenture,  secured  loan  agreement or other instrument
  related thereto:
    1. In the event that the authority shall default  in  the  payment  of
  principal  of  or interest on any issue of bonds or notes 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 authority shall fail or refuse to comply with the provisions of
  this  title,  or  shall default in any contract 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 instruments filed in  the  office  of  the
  clerk  in  the county of Albany and approved 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)  by  suit, action or special proceeding, enforce all rights of the
  bondholders or noteholders, including the right to require the authority
  to  collect  fees,  rentals  and  charges  adequate  to  carry  out  any
  agreements  with  the  holders 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 in equity, 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 in equity, enjoin any act 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,  whether  or  not  the  issuance  of bonds or notes
  represented by such trustee had been declared due and payable, shall  be
  entitled as of right to the appointment of a receiver of any property of
  the authority, the fees, rentals, charges or other revenues of which are
  pledged  for  the  security of the bonds or notes of such issue and such
  receiver may enter and take possession of such property, or any part  or
  parts  thereof  and  operate and maintain the same and receive all fees,
  charges, rentals and other revenues  thereafter  arising  therefrom  and
  exercise  such  other  powers  of  the  authority  as the court may deem
  advisable and perform the public duties and carry out the agreements and
  obligations of the authority under the direction of the  court.  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 fees, charges,  rentals  and  other
  revenues derived from such properties.
    4.  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 bondholders or  noteholders  in  the  enforcement  and
  protection of their rights.

    5.  The  supreme  court shall have jurisdiction of any suit, action or
  proceeding by the trustee on behalf of such bondholders or  noteholders.
  The  venue  of  any such suit, action or proceeding shall be laid in the
  county of Albany.
    6.  Before  declaring the principal of bonds or notes due and payable,
  the trustee shall first give thirty  days'  notice  in  writing  to  the
  governor,   to   the   authority,   to   the   comptroller  and  to  the
  attorney-general of the state.