The foregoing remedies of the bondholders and of the trustee, however, are subject to the limitations that before declaring the principal of all bonds due and payable, the trustee shall first give notice in writing to the board and to the attorney-general of the state of New York, and if, when such notice is given to the attorney-general, the legislature shall be in session, the trustee shall not declare the principal of the bonds due before the legislature adjourns sine die or if the legislature be not then in session, the trustee shall not declare the princ ...[+++]ipal of the bonds due until such an adjournment of the next regular session.

(2) Subject to subsection (3), each trustee of a trust is liable to satisfy every obligation imposed on the trust under this Act, whether the obligation was imposed during or before the period during which the trustee acts as trustee of the trust, but the satisfaction of an obligation of a trust by one of the trustees of the trust discharges the liability of all other trustees of the trust to satisfy that obligation.

...tegrated risk management approach was developed and agreed with the organization, which featured open and direct channels of communication at a senior level to provide regular updates on the financial situation and recovery as well as to facilitate the dissemination of information on operational progress across the agency and decision-making on individual projects; in projects where the organization was part of a consortium, the agency agreed, on a non-objection basis, to the transfer or assignment of the lead implementation role to other well-established members or partners, who were jointly and severally liable; for projects where the organization was solely responsible for delivery or implementation, the agency took steps to ensure ...[+++]that all financial and performance guarantees were enforceable, in case of need; as part of its efforts to continue operations and remain a going concern, the organization presented a comprehensive business plan and financial projections that were developed with legal and financial third party advisors, a plan was subsequently validated by independent auditors as part of the due diligence process to attract additional capital; In order to manage fiduciary risks and support the organization’s proposed recovery plan, CIDA was called upon and co-operated with established provincial, institutional and private investors, financial advisors, auditors and commercial lenders at various stages through a financial and capital restructuring; as a necessary part of this exercise, the organization sought and obtained lawful protection from the courts, including a proposal to existing creditors, the vast majority of which voted in favour of the terms and conditions of the settlement offered; and the organization subsequently restructured its capital and, with the support of new investors and shareholders, resumed commercial operations. CIDA continues to monitor progress closely and manage fiduciary risks carefully. ...

In regard to Union Trust Funds, it is necessary to specify the principles applicable to the Union contribution to Union Trust Funds as well as to the contributions of the other donors, to lay down the accounting and reporting rules of the Union Trust Fund, in particular for the interest matured in the bank account of the trust fund, to clarify the respective responsibilities of the financial actors and of the Board of the Trust Fund, as well as to define external audit obligations.

In the event of the amounts on the fiduciary accounts being sufficient to cover the contractually stipulated minimum reserve on the fiduciary accounts, as increased by the disbursement forecasts for the current financial year, and to cover the amounts needed to exclude contingent liabilities in relation to payment obligations in currencies other than euro, no further payment to the fiduciary accounts shall be made.

In the event of the amounts on the fiduciary accounts being sufficient to cover the contractually stipulated minimum reserve on the fiduciary accounts, as increased by the disbursement forecasts for the current financial year, and to cover the amounts needed to exclude contingent liabilities in relation to payment obligations in currencies other than euro, no further payment to the fiduciary accounts shall be made.