Section 616. Remedies of holders of bonds and notes

1. In the event that
  the corporation shall default in the payment  of  the  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  provisions  of  this
  article,  or shall default in any agreement made with the holders of any
  issue of the 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
  city  clerk  of the city 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 proceedings enforce all  rights  of  the
  holders  of  the  bonds  or  notes,  including  the right to require the
  corporation to carry out any agreements with such holders and to perform
  its duties under this article;
    b. Bring suit upon such bonds or notes;
    c. By action or suit, require the corporation 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, annul such declaration and its consequences.
    3. The supreme court shall have jurisdiction of any  suit,  action  or
  proceedings  by the trustee on behalf of such holders of bonds or notes.
  The venue of any such suit, action or proceeding shall be in the  county
  of New York.
    4.  Before  declaring the principal of bonds or notes due and payable,
  the trustee shall first give thirty  days'  notice  in  writing  to  the
  corporation.
    5.  Any such trustee, whether or not the issue of bonds represented by
  such trustee has been declared due and payable, shall be entitled as  of
  right to the appointment of a receiver of the revenues which are pledged
  for the security of the bonds of such issue, and such receiver may enter
  and  take  possession  of the premises, equipment and property which the
  corporation is operating or is entitled to use or occupy, and shall take
  possession of all revenues of the corporation and other moneys to  which
  the  corporation  is entitled, and shall proceed to conduct pari-mutuel,
  off-track betting pursuant to the provisions  of  this  article  in  the
  place  and  stead  of  the corporations from which otherwise, under such
  article, would constitute revenues of the corporation and shall  perform
  the  public  duties  and carry out the agreements and obligations of the
  corporation  under  the  direction  of  the  court.  In  any  action  or
  proceeding  by  the  trustee,  the fee, counsel fees and expenses of the
  trustee  and  of  the  receiver,  if  any,  shall   constitute   taxable
  disbursements  allowed  by  the court and shall be a first charge on any
  revenues of the corporation.
    6. Such trustee shall in addition to the foregoing  have  and  possess
  all the powers necessary or appropriate for the exercise of any function
  specifically  set forth herein or incident to the general representation
  of the holders of such bonds or notes in the enforcement and  protection
  of their rights.