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Show DELAWARE RIVER BASIN COMPACT 167 mission may require and all banks and trust companies in each of the signatory States are authorized to give such security therefor. "(1) Neither the members of the Commission nor any person ex- ecuting the bonds shall be liable personally on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof. "(m) The Commission shall have the power to purchase its bonds out of any funds available therefor. The Commission may refund, or it may hold, cancel, or resell, such bonds subject to and in accord- ance with agreements wTith bondholders. "2. The following provisions shall be applicable to an issue of bonds authorized or issued by the Commission, only if the resolution of the Commission authorizing or providing for the issuance of such bonds shall provide in substance that the holders of the bonds of such issue shall be entitled to the benefits and be subject to the provisions of this paragraph 2: "(a) In the event that there shall be a default in payment of prin- cipal of or interest on any bonds of such issue 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 Commission shall fail or refuse to comply with the provi- sions of this compact or shall fail or refuse to carry out and perform the terms of any contract or covenant with or for the benefit of the holders of any of such bonds, and such failure or refusal shall continue for a period of thirty days after written notice by any holder of bonds of such issue or by a trustee for bondholders to the Commission of its existence and nature, the holders of twenty-five per centum (25%) in aggregate principal amount of the bonds of such issue then outstanding by instrument or instruments filed in the office of the Secretary of State of each signatory State and proved or acknowl- edged in the same manner as a deed to be recorded, may appoint a statutory trustee to represent the holders of the bonds oi such issue for the purposes provided in this paragraph 2. "(b) Such statutory trustee may and, upon written request of the holders of twenty-five per centum (25%) in aggregate principal amount of the bonds of such issue then outstanding, shall, in his or its own name: "(1) by civil action or suit, enforce all rights of the holders of such bonds, including the right to require the Commission to charge and collect revenues adequate to carry out any contract as to or pledge of, such charges and revenues, and to require the Commission to carry out and perform the terms of any contract or covenant with or for the benefit of the holders of such bonds or its duties under this compact; "(2) bring action or suit upon all or any part of such bonds or interest coupons or claims appurtenant thereto; "(3) by action or suit require the Commission to account as if it were the trustee of an express trust for the holders of such bonds; "(4) by action or suit enjoin any acts or things which may be unlawful or in violation of the covenants of the Commission or the rights of the holders of such bonds; or |