--- kind: "section" citation: "15 U.S.C. § 77lll" title: "15" title_heading: "Commerce and Trade" number: "77lll" heading: "Bondholders’ lists" release: "119-102" date: "2026-07-12" url: "https://uscodex.org/usc/15/77lll" units: - "Chapter 2A — Securities and Trust Indentures" - "Subchapter III — Trust Indentures" --- # §77lll. Bondholders’ lists - (a) **Periodic filing of information by obligor with trustee—** Each [obligor](/usc/15/77ccc.md?p=12) upon the [indenture securities](/usc/15/77ccc.md?p=11) 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](/usc/15/77ccc.md?p=12), or of any of its [paying agents](/usc/15/77ccc.md?p=13), as to the names and addresses of the [indenture security](/usc/15/77ccc.md?p=11) 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](/usc/15/77ccc.md?p=13). - (b) **Access of information to security holders—** Within five business days after the receipt by the institutional trustee of a [written](/usc/15/77b.md?p=a-9) [application](/usc/15/77ccc.md?p=8) by any three or more [indenture security](/usc/15/77ccc.md?p=11) holders stating that the [applicants](/usc/15/7a.md?p=3) desire to communicate with other [indenture security](/usc/15/77ccc.md?p=11) holders with respect to their rights under such [indenture](/usc/15/77ccc.md?p=7) or under the [indenture securities](/usc/15/77ccc.md?p=11), and accompanied by a copy of the form of proxy or other communication which such [applicants](/usc/15/7a.md?p=3) propose to transmit, and by reasonable proof that each such [applicant](/usc/15/7a.md?p=3) has owned an [indenture security](/usc/15/77ccc.md?p=11) for a period of at least six months preceding the date of such [application](/usc/15/77ccc.md?p=8), such institutional trustee shall, at its election, either— - (1) afford to such [applicants](/usc/15/7a.md?p=3) access to all information so furnished to or received by such trustee; or - (2) inform such [applicants](/usc/15/7a.md?p=3) as to the approximate number of [indenture security](/usc/15/77ccc.md?p=11) 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](/usc/15/77ccc.md?p=11) holders the form of proxy or other communication, if any, specified in such [application](/usc/15/77ccc.md?p=8). If such trustee shall elect not to afford to such [applicants](/usc/15/7a.md?p=3) access to such information, such trustee shall, upon the [written](/usc/15/77b.md?p=a-9) request of such [applicants](/usc/15/7a.md?p=3), mail to all such [indenture security](/usc/15/77ccc.md?p=11) 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](/usc/15/7a.md?p=3), and file with the [Commission](/usc/15/77ccc.md?p=15) together with a copy of the material to be mailed, a [written](/usc/15/77b.md?p=a-9) statement to the effect that, in the opinion of such trustee, such mailing would be contrary to the best interests of the [indenture security](/usc/15/77ccc.md?p=11) holders or would be in violation of applicable law. Such [written](/usc/15/77b.md?p=a-9) statement shall specify the basis of such opinion. After opportunity for hearing upon the objections specified in the [written](/usc/15/77b.md?p=a-9) statement so filed, the [Commission](/usc/15/77ccc.md?p=15) may, and if demanded by such trustee or by such [applicants](/usc/15/7a.md?p=3) shall, enter an order either sustaining one or more of such objections or refusing to sustain any of them. If the [Commission](/usc/15/77ccc.md?p=15) 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](/usc/15/77ccc.md?p=15) 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](/usc/15/77ccc.md?p=11) 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](/usc/15/77ccc.md?p=11) 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)](#b) of this section. ## Source credit (May 27, 1933, ch. 38, title III, § 312, as added Aug. 3, 1939, ch. 411, 53 Stat. 1164; amended Pub. L. 101–550, title IV, § 410, Nov. 15, 1990, 104 Stat. 2728.) ## Notes ### 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.