§ 77lll. — Bondholders' lists.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77lll]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER III--TRUST INDENTURES
Sec. 77lll. Bondholders' lists
(a) Periodic filing of information by obligor with trustee
Each obligor upon the indenture securities shall furnish or cause to
be furnished to the institutional trustee thereunder at stated intervals
of not more than six months, and at such other times as such trustee may
request in writing, all information in the possession or control of such
obligor, or of any of its paying agents, as to the names and addresses
of the indenture security holders, and requiring such trustee to
preserve, in as current a form as is reasonably practicable, all such
information so furnished to it or received by it in the capacity of
paying agent.
(b) Access of information to security holders
Within five business days after the receipt by the institutional
trustee of a written application by any three or more indenture security
holders stating that the applicants desire to communicate with other
indenture security holders with respect to their rights under such
indenture or under the indenture securities, and accompanied by a copy
of the form of proxy or other communication which such applicants
propose to transmit, and by reasonable proof that each such applicant
has owned an indenture security for a period of at least six months
preceding the date of such application, such institutional trustee
shall, at its election, either--
(1) afford to such applicants access to all information so
furnished to or received by such trustee; or
(2) inform such applicants as to the approximate number of
indenture security holders according to the most recent information
so furnished to or received by such trustee, and as to the
approximate cost of mailing to such indenture security holders the
form of proxy or other communication, if any, specified in such
application.
If such trustee shall elect not to afford to such applicants access to
such information, such trustee shall, upon the written request of such
applicants, mail to all such indenture security holders copies of the
form of proxy or other communication which is specified in such request,
with reasonable promptness after a tender to such trustee of the
material to be mailed and of payment, or provision for the payment, of
the reasonable expenses of such mailing, unless within five days after
such tender, such trustee shall mail to such applicants, and file with
the Commission together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of such trustee,
such mailing would be contrary to the best interests of the indenture
security holders or would be in violation of applicable law. Such
written statement shall specify the basis of such opinion. After
opportunity for hearing upon the objections specified in the written
statement so filed, the Commission may, and if demanded by such trustee
or by such applicants shall, enter an order either sustaining one or
more of such objections or refusing to sustain any of them. If the
Commission shall enter an order refusing to sustain any of such
objections, or if, after the entry of an order sustaining one or more of
such objections, the Commission shall find, after notice and opportunity
for hearing, that all objections so sustained have been met, and shall
enter an order so declaring, such trustee shall mail copies of such
material to all such indenture security holders with reasonable
promptness after the entry of such order and the renewal of such tender.
(c) Disclosure of information deemed not violative of any law
The disclosure of any such information as to the names and addresses
of the indenture security holders in accordance with the provisions of
this section, regardless of the source from which such information was
derived, shall not be deemed to be a violation of any existing law, or
of any law hereafter enacted which does not specifically refer to this
section, nor shall such trustee be held accountable by reason of mailing
any material pursuant to a request made under subsection (b) of this
section.
(May 27, 1933, ch. 38, title III, Sec. 312, as added Aug. 3, 1939, ch.
411, 53 Stat. 1164; amended Pub. L. 101-550, title IV, Sec. 410, Nov.
15, 1990, 104 Stat. 2728.)
Amendments
1990--Subsec. (a). Pub. L. 101-550, Sec. 410(1), (2), substituted
``Each obligor'' for ``The indenture to be qualified shall contain
provisions requiring each obligor'' and ``indenture securities shall''
for ``indenture securities to''.
Subsec. (b). Pub. L. 101-550, Sec. 410(3), substituted ``Within''
for ``The indenture to be qualified shall also contain provisions
requiring that, within''.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission,
with certain exceptions, to Chairman of such Commission, see Reorg. Plan
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
Section Referred to in Other Sections
This section is referred to in sections 77ppp, 77rrr of this title.
