Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the debenture holders, the bank or trust company as such trustee, shall take such action as the holders or registered owners of 20 percent in principal amount of all the debentures then outstanding shall request in writing, provided that the bank or trust company as such trustee may request reasonable security before taking any action so requested.
Cal. Mil. & Vet. Code § 1005.4
Remedies of Debenture Holders
Known as the Veterans’ Revenue Debenture Act
The act spans §§ 1000–1006 (79 sections).
Amended by Stats. 1979, Ch. 302.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.