Page:United States Statutes at Large Volume 49 Part 1.djvu/784

 74TH CONGRESS. SESS. I. CH. 625. AUGU ST 23, 1935 . 739 wise), pledging the tolls and revenues from the bridge hereto- Agreement-contd. fore constructed by such Commission ; (b) The rates of the tolls to be char ged, and the amou nt to be raised in each year by tolls, and the use and disposition of the tolls and other revenues ; (c) The setting aside of reserves or sinking funds, an d the regulation and disposition thereof ; (d) Limitations on th e right of such Commission to res trict and regulate the use of the Rouses Point Bridge and the bridge heretofore constructed by such Commission (e) Limitations on the purposes to which the proceeds of sale of any issue of said bonds then or thereafter to be issued may be applied ; (f) Limitations on the issuance of additional bonds ; (g) The procedure, if any, by which the terms of any contract with holders of said bonds may be amended or abrogated, the amount of said bonds the holders of which must consent thereto, and the man ner in which suc h consent may be given. 4 . The obligation of such Commission to make payments into the State treasury of each State out of tolls and revenues from the bridge heretofore constructed by such Commission as provided in article 17 hereof is hereby terminated and annulled and the amounts which otherwise would have been so payable into the States' treas- uries may be pledged to the payment of said bonds. 5. Neither the members of such Com mis sion nor any person executing such bonds shall be liable personally on said bonds or be su bject to a ny per sonal liab ility or ac count abili ty by reaso n of the issuance thereof. 6 . Such Commission shall have power out of any funds available therefor to purchase any bonds issued by it at a price not more than the principal amount thereof and accru ed interest. All bonds so purchased shall be canceled. ARt iCL E XXVII 1 . In the event that such Commission shall default in the pay- ment of principal of or interest on any of the bonds authorized by article 26 hereof after the same shall become due, whether at matur- ity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event that such Commission -hall fail or refuse to comply with the provisions of this agreement, or shall default in any agreement made with the holders of said bonds, the holders of 25 per centum in aggregate principal amount of said bonds then outstanding, by instrument or instruments filed in the office of the clerk of the county of Clinton, New York, or of the clerk of the court of chancery in and for the county of Grand Isle, Vermo nt, and pr oved or a cknowledge d in the same manne r as a deed to be recorded, may appoint a trustee to represent the holders of said bonds for the purposes herein provided. 2 . Such trustee may, and upon written request of the holders of 25 per c entum in principa l amount of said bonds then outsta nding shall, in his or its own name- (a) By manda mus or other suit, action or proc eeding, at law or in equity, e nforce all right s of the holders of said bonds, including the r ight to require such Commission a nd its members to collect tolls and rentals adequate to carry out any agreement as to, or pledge of, such tolls and rentals, and to require such Commission and its members to carry out any other agreement with the holders of said bonds and to perform its and their duties under this act ;