Section 1005.2 Of Article 6. Remedies Of Debenture Holders From California Military And Veterans Code >> Division 4. >> Chapter 7. >> Article 6.
1005.2
. The department may in any resolution of issuance define the
events of default including among others default in the payment of
the principal or interest upon or premium due upon any debentures or
default by the department in the observance of any of the covenants,
agreements or conditions on its part to be performed under the
resolution of issuance and may provide that upon the happening of any
such event of default the holders of not less than the majority in
aggregate principal amount of the debentures at the time outstanding
will be entitled to declare the principal of all of the debentures
then outstanding and the interest accrued thereon to be immediately
due and payable.