§ 4701. Rights of holders paramount In order to carry out its purpose under this chapter of making loans to governmental units, by purchase of the municipal bonds or revenue bonds of those governmental units, and by receipt of its income from service charges and from payments of interest on the maturing principal of municipal […]
§ 4702. Default in payment If the Bank defaults in the payment of principal or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty days, or if the Bank fails or refuses to comply with this chapter or […]
§ 4703. Powers of trustee on default A trustee appointed under section 4702 of this title may, and shall in his or her or its name, upon written request of the holders of 25 per centum in principal amount of the outstanding notes or bonds: (1) By suit, action, or proceeding, enforce all rights of […]
§ 4704. Superior Court jurisdiction The Superior Courts have jurisdiction of any suit, action, or proceeding by a trustee on behalf of noteholders or bondholders. The venue of any suit, action, or proceeding shall be laid in the County of Washington. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; 1973, No. […]
§ 4705. Notice on default Before declaring the principal of notes or bonds due and payable, the trustee must first give 30 days’ notice in writing to the Governor, the Bank, the State Treasurer, and the Attorney General of the State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
§ 4706. Personal liability Neither the members of the Bank nor any person executing bonds or notes issued under this chapter are liable personally on the bonds or notes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
§ 4707. Exemption from execution and sale All property of the Bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against it nor may any judgment against the Bank be a charge or lien upon its property, but nothing herein contained shall apply […]
§ 4708. Pledge of revenues; lien thereof Any pledge of revenues or other monies made by the Bank is binding from the time when the pledge is made. Revenues or other monies so pledged and thereafter received by the Bank shall immediately be subject to the lien of the pledge without any physical delivery thereof […]
§ 4709. Federal insurance or guaranty The Bank may obtain from any department or agency of the United States of America any available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part thereof, on any bonds or notes issued by the Bank, or on any municipal bonds […]
§ 4710. Surety for deposits by Bank All banks, trust companies, savings banks, investment companies, and other persons carrying on a banking business are hereby authorized to give to the Bank a good and sufficient undertaking with such sureties as shall be approved by the Bank to the effect that the Bank or banking institution […]
