Current as of April 14, 2021 | Updated by FindLaw Staff
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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.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 155.004. Receiver on Failure of Corporation - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-155-004/
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