Tex. Fin. Code Section 155.004
Receiver on Failure of Corporation

(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.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 155.004 — Receiver on Failure of Corporation, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­155.­htm#155.­004 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 155.004’s source at texas​.gov