Receiver On Failure of Corporation

Sec. 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.