 | Board of Visitors minutes October 6, 1906 |  |
—Article 3.—
In case default shall be made in the payment of the interest
coupons upon the said bonds, or any thereof, after demand
therefor, and such coupon or coupons shall remain so unpaid
and in arrears for the period of ninety days, or in case
default shall be made after demand in the payment of the principal
of any of the said bonds, when same shall by the terms
thereof become due and payable, then, and in either of said
cases, it shall be the duty of the said Trust Company to exercise
the power conferred, and sell, or take proper legal proceedings
to enforce the rights of the holders of the said bonds
upon a requisition in writing to that effect being made upon
the said trustee, signed by the holders of at least one-third
of the whole amount of the said bonds then outstanding, and
upon a proper indemnification to the said trustee against all
costs and expenses to be by it incurred in the premises.
| Board of Visitors minutes October 6, 1906 | |