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Texas Business Organizations Code

§ 21.763 — TERMINATION OF CUSTODIANSHIP

BO § 21.763Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. P. JUDICIAL PROCEEDINGS RELATING TO CLOSE CORPORATION

Statute text

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If the condition requiring the appointment of a custodian is remedied other than by liquidation or winding up and termination, the court shall terminate the custodianship immediately and management of the close corporation shall be restored to the directors or shareholders of the close corporation or to the persons empowered to manage the business and affairs of the close corporation under a shareholders' agreement.

Legislative history

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

Source: Texas Business Organizations Code § 21.763 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.