Sec. 31. Upon an application the circuit court, superior court, or probate court: (1) may appoint; and (2) shall appoint, if the application is made by the holders or a trustee of the holders of twenty-five percent (25%) in principal amount of the bonds, notes, or other evidences of indebtedness then outstanding; a receiver of the water facilities. [Pre-1995 Recodification Citation: 13-3-4-13(a) part.]
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