Texas Finance Code
§ 155.003 — FAILURE TO MAKE DEPOSIT
FI § 155.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 155. BOND INVESTMENT COMPANIES
Statute text
View on source(a)A domestic corporation that fails to make the deposit required by this chapter before the 61st day after the date of its organization is considered to have forfeited its charter or certificate of incorporation.
(b)The attorney general shall bring suit in the name of the state to have the charter or certificate of incorporation of a domestic corporation that fails to make a deposit as required by Subsection (a) declared forfeited.
(c)On a finding that a domestic corporation failed to make a deposit as required by Subsection (a), a court in which a proceeding is brought under Subsection (b) shall:
(1)declare the charter or certificate of incorporation of the corporation forfeited;
(2)appoint a receiver for the corporation; and
(3)make equitable compensation for the receiver out of the assets of the corporation.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.