7-15-4528. Use of bond trustee. In connection with the issuance of bonds and/or the incurring of any obligation under a lease and in order to secure the payment of the bonds and/or obligations, the authority may:
     (1) vest in a trustee the right to enforce any covenant made to secure the payment of the bonds and/or obligations;
     (2) provide for the powers and duties of the trustee and limit his liabilities; and
     (3) provide the terms and conditions upon which the trustee or a designated proportion of the holders of bonds may enforce any covenant.

     History: En. Sec. 16, Ch. 140, L. 1935; re-en. Sec. 5309.16, R.C.M. 1935; R.C.M. 1947, 35-116(part); amd. Sec. 24, Ch. 253, L. 1979.