Texas Finance Code

§ 155.004 — RECEIVER ON FAILURE OF CORPORATION

FI § 155.004Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 155. BOND INVESTMENT COMPANIES

Statute text

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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.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.