§ 660. Remedies of noteholders and bondholders. 1. In the event that\nthe corporation shall default in the payment of principal of or interest\non any issue of notes or bonds after the same shall become due, whether\nat maturity or upon call for redemption, and such default shall continue\nfor a period of thirty days, or in the event that the corporation shall\nfail or refuse to comply with the provisions of this article, or shall\ndefault in any agreement made with the holders of any issue of notes or\nbonds, the holders of twenty-five per centum in aggregate principal\namount of the notes or bonds of such issue then outstanding, by\ninstrument or instruments filed in the office of the clerk of the county\nof New York and proved or acknowledged in the same manner as a deed to\nbe recorded, may appoint a trustee to represent the holders of such\nnotes or bonds for the purposes herein provided.\n 2. Such trustee may, and upon written request of the holders of\ntwenty-five per centum in principal amount of such notes or bonds then\noutstanding shall, in such trustee's own name:\n (a) by suit, action or proceeding in accordance with the civil\npractice law and rules, enforce all rights of the noteholders or\nbondholders, including the right to require the corporation to carry out\nany agreement with such holders and to perform its duties under this\narticle;\n (b) bring suit upon such notes or bonds;\n (c) by action or suit, require the corporation to account as if it\nwere the trustee of an express trust for the holders of such notes or\nbonds;\n (d) by action or suit, enjoin any acts or things which may be unlawful\nor in violation of the rights of the holders of such notes or bonds;\n (e) declare all such notes or bonds due and payable, and if all\ndefaults shall be made good, then, with the consent of the holders of\ntwenty-five per centum of the principal amount of such notes or bonds\nthen outstanding, annul such declaration and its consequences.\n 3. The supreme court shall have jurisdiction of any suit, action or\nproceeding by the trustee on behalf of such noteholders or bondholders.\nThe venue of any such suit, action or proceeding shall be laid in the\ncounty of New York.\n 4. Before declaring the principal of notes or bonds due and payable,\nthe trustee shall first give thirty days' notice in writing to the\ncorporation.\n
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