§77lll — Title 15 Commerce and Trade | U.S. Code

Summary

Obligors must give the institutional trustee the names and addresses of the indenture security holders at least every six months, and whenever the trustee asks in writing. Paying agents must provide the same information if they have it. The trustee must keep those lists as current as reasonably possible. If three or more holders send a written request saying they want to contact other holders, and include the proposed proxy or message plus proof each requester owned a security for at least six months before the request, the trustee has five business days to either let them see the information or tell them the approximate number of holders and the estimated cost to mail the message. Giving out or mailing lists this way is not illegal, and the trustee is not liable for doing so.

Title 15, §77lll

Commerce and Trade — Source: USLM XML via OLRC

(a)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)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.

(c)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.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1990—Subsec. (a). Pub. L. 101–550, § 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, § 410(3), substituted “Within” for “The indenture to be qualified shall also contain provisions requiring that, within”.

Executive Documents

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, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

§77lll Bondholders’ Lists

Summary

Title 15, §77lll

Notes & Related Subsidiaries

Editorial Notes

Amendments

Executive Documents

Transfer of Functions

Transfer of Functions

Citations & Metadata