TITLE 33

EDUCATION

CHAPTER 21

JUNIOR COLLEGES

33-2129.  Additional remedies conferrable by commission. The commission shall have power by its resolution, trust indenture, lease or other contract, to confer upon any obligee holding or representing a specified amount in bonds, or holding a lease, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:

(a)  To cause possession of any dormitory housing project or any part thereof to be surrendered to any such obligee, which possession may be retained by such bondholder or trustee so long as said commission shall continue in default.

(b)  To obtain the appointment of a receiver of any dormitory housing project of said authority or any part thereof, and of the rents and profits therefrom. If such receiver be appointed, he may enter and take possession of such dormitory housing project or any part thereof and (so long as said commission shall continue to be in default) operate and maintain the same, and collect and receive all fees, rents, revenues or other charges thereafter arising therefrom, and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligation of said commission as the court shall direct.

(c)  To require said commission and the commissioners thereof to account as if it and they were the trustees of an express trust.

History:

[33-2129, added 1957, ch. 87, sec. 14, p. 137.]