Texas Business Organizations Code - BUS ORG § 21.762. Powers and Duties of Custodian

A person who qualifies as a custodian has all of the powers and duties and the title of a receiver appointed under Sections 11.404-11.406.  The custodian shall continue the business of the close corporation and may not liquidate the affairs or distribute the assets of the close corporation, except as provided by court order or Section 21.761(a)(3).