Section 72-16-77 - Remedies of security holders

Subject to any contractual limitations binding upon the holders of any issue or series of securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any prior or superior rights of others, any holder of securities, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of securities similarly situated: A. by mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the authority and its board and any of its officers, agents and employees, and to require and compel the authority or its board or any such officers, agents or employees to perform and carry out its and their duties, obligations or other commitments hereunder and its and their covenants and agreements with the holder of any security; B. by action or suit in equity to require the authority and its board to account as if they were the trustee of an express trust; C. by action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any system, or project or services

ccount as if they were the trustee of an express trust; C. by action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any system, or project or services revenues from which are pledged for the payment of the securities, prescribe sufficient fees derived from the operation thereof, and collect, receive and apply all revenues or other moneys pledged for the payment of the securities in the same manner as the authority itself might do in accordance with the obligations of the authority; D. by action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holder of any security and to bring suit thereupon. History: 1953 Comp., § 75-36-77, enacted by Laws 1963, ch. 311, § 77. ANNOTATIONSCross references. — For one form of action known as 'civil action,' see Rule 1-002 NMRA. Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 485 to 491. 64 C.J.S. Municipal Corporations §§ 1956, 1972.