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Texas Business Organizations Code

§ 21.762 — POWERS AND DUTIES OF CUSTODIAN

BO § 21.762Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. P. JUDICIAL PROCEEDINGS RELATING TO CLOSE CORPORATION

Statute text

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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).

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 21.762 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.