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Tex. Finance Code § 155.004

RECEIVER ON FAILURE OF CORPORATION

Texas · Texas Finance Code · Status: effective

Business & Commerce
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Tex. Finance Code § 155.004, RECEIVER ON FAILURE OF CORPORATION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646311
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(a) If a corporation that does business in this state as a bond investment company fails, a district court of the county in which the principal office of the corporation is located shall appoint, on application of a shareholder of the corporation, a receiver. (b) A receiver appointed under Subsection (a) shall: (1) wind up the affairs of the corporation; (2) liquidate the debts of the corporation; and (3) distribute any remaining assets of the corporation, including, if ordered by the court, the deposit made under this chapter to secure the shareholders. (c) The comptroller may refund a deposit made under this chapter on application of the receiver approved by the court.