
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
