Source: https://www.law.cornell.edu/uscode/text/15/77ppp
Timestamp: 2016-07-26 00:43:56
Document Index: 81215093

Matched Legal Cases: ['§ 77', '§ 77', '§ 77', '§\u202f77', '§\u202f316', '§\u202f415', '§\u202f415', '§\u202f415', '§\u202f415']

15 U.S. Code § 77ppp - Directions and waivers by bondholders; prohibition of impairment of holder’s right to payment; record date | US Law | LII / Legal Information Institute
U.S. Code › Title 15 › Chapter 2A › Subchapter III › § 77ppp 15 U.S. Code § 77ppp - Directions and waivers by bondholders; prohibition of impairment of holder’s right to payment; record date
§ 77ppp.
Directions and waivers by bondholders; prohibition of impairment of holder’s right to payment; record date
(a) Directions and waivers by bondholdersThe indenture to be qualified—
shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to contain provisions authorizing the holders of not less than a majority in principal amount of the indenture securities or if expressly specified in such indenture, of any series of securities at the time outstanding (A) to direct the time, method, and place of conducting any proceeding for any remedy available to such trustee, or exercising any trust or power conferred upon such trustee, under such indenture, or (B) on behalf of the holders of all such indenture securities, to consent to the waiver of any past default and its consequences; or
may contain provisions authorizing the holders of not less than 75 per centum in principal amount of the indenture securities or if expressly specified in such indenture, of any series of securities at the time outstanding to consent on behalf of the holders of all such indenture securities to the postponement of any interest payment for a period not exceeding three years from its due date.
The obligor upon any indenture qualified under this subchapter may set a record date for purposes of determining the identity of indenture security holders entitled to vote or consent to any action by vote or consent authorized or permitted by subsection (a) of this section. Unless the indenture provides otherwise, such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of holders furnished to the trustee pursuant to section 77lll of this title prior to such solicitation.
(May 27, 1933, ch. 38, title III, § 316, as added Aug. 3, 1939, ch. 411, 53 Stat. 1172; amended Pub. L. 101–550, title IV, § 415, Nov. 15, 1990, 104 Stat. 2731.)
1990—Subsec. (a). Pub. L. 101–550, § 415(1)–(3), in introductory provisions struck out “may contain provisions” after “qualified”, in par. (1) inserted “shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to contain provisions” before “authorizing the holders” and “or if expressly specified in such indenture, of any series of securities” after “principal amount of the indenture securities”, and in par. (2) inserted “may contain provisions” before “authorizing the holders” and “or if expressly specified in such indenture, of any series of securities” after “principal amount of the indenture securities”.
Subsec. (b). Pub. L. 101–550, § 415(5), which directed the substitution of “of the indenture to be qualified” for “thereof”, was executed by making the substitution for “thereof” the first time appearing, as the probable intent of Congress.
Subsec. (c). Pub. L. 101–550, § 415(6), added subsec. (c).