Page:United States Statutes at Large Volume 53 Part 2.djvu/697

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53 STAT.] 76TH CONG. , 1 ST SESS.-CH. 411 -AUG. 3, 1939 "(b) The indenture to be qualified shall provide that, notwith- standing any other provision thereof, the right of any holder of any indenture security to receive payment of the principal of and interest on such indenture security, on or after the respective due dates expressed in such indenture security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder, except as to a postponement of an interest payment consented to as provided in paragraph (2) of subsection (a), and except that such indenture may contain provisions limiting or denying the right of any such holder to institute any such suit, if and to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver, or loss of the lien of such indenture upon any property subject to such lien. " SPECIAL POWERS OF TRUSTEE; DU'LES OF PAYING AGENTS "SEC. 317. (a) The indenture to be qualified shall contain provisions- "(1) authorizing the indenture trustee, in the case of a default in payment of the principal of any indenture security, when and as the same shall become due and payable, or in the case of a default in payment of the interest on any such security, when and as the same shall become due and payable and the continu- ance of such default for such period as may be prescribed in such indenture, to recover judgment, in its own name and as trustee of an express trust, against the obligor upon the indenture securities for the whole amount of such principal and interest remaining unpaid; and "(2) authorizing such trustee to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of such trustee and of the indenture security holders allowed in any judicial proceedings relative to the obligor upon the indenture securities, its creditors, or its property. "(b) The indenture to be qualified shall provide that each paying agent shall hold in trust for the benefit of the indenture security holders or the indenture trustee all sums held by such paying agent for the payment of the principal of or interest on the indenture secur- ities, and shall give to such trustee notice of any default by any obligor upon the indenture securities in the making of any such payment. " 'EF FECT OF PRESCRIBED INDENTURE PROVISIONS "SEC. 318. (a) The indenture to be qualified shall provide that if any provision thereof limits, qualifies, or conflicts with another pro- vision which is required to be included in such indenture by any of sections 310 to 317, inclusive, such required provision shall control. "(b) The indenture to be qualified may contain, in addition to provisions specifically authorized under this title to be included therein, any other provisions the inclusion of which is not in contra- vention of any provision of this title. "R UL ES, REGULATIONS, AND ORDERS "SEC. 319. (a) The Commission shall have authority from time to time to make, issue, amend, and rescind such rules and regulations and such orders as it may deem necessary or appropriate in the public interest or for the protection of investors to carry out the pro- 1173 Designated rights not impaired. Indenture to con- tain designated pro- visions. Power of trustee to recover judgment for principal and interest unpaid. To file proofs of claim, etc., in judicial proceedings on behalf of security holders. Payments to he held in trust. Effect of prescribed indenture provisions. Inclusion of other provisions. Authority of Com- mission.