California Government Code 67570 – The commission may designate a bank or trust company, qualified to do …
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The commission may designate a bank or trust company, qualified to do business in this state, as a trustee for the commission and the holders of bonds issued hereunder, and may authorize the trustee to act on behalf of the holders of the bonds, or any stated percentage thereof, and to exercise and prosecute on behalf of the holders of the bonds such rights and remedies as may be available to the holders.
(Amended by Stats. 1979, Ch. 1079.)
Terms Used In California Government Code 67570
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- Trustee: A person or institution holding and administering property in trust.