An authority may:
1. Vest in any obligees of the authority the right to enforce the payment of the bonds or any covenants securing or relating to the bonds.
2. Vest in an obligee or obligees holding a specified amount in bonds the right, in the event of a default by the authority, to take possession of and use, operate and manage any housing project or any part thereof or any funds connected therewith, and to collect the rents and revenues arising therefrom, and to dispose of such moneys in accordance with the agreement of the authority with such obligees.
3. Provide for the powers and duties of such obligees and limit the liabilities thereof.
4. Provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds.
[Part 14:253:1947; 1943 NCL § 5470.14]