Tex. Bus. Orgs. Code § 21.757 · Subchapter P. JUDICIAL PROCEEDINGS RELATING TO CLOSE CORPORATION
LIQUIDATION; INVOLUNTARY WINDING UP AND TERMINATION; RECEIVERSHIP.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Except as provided by Section 21.756, in a case in which a shareholder is entitled to wind up and terminate a close corporation under a shareholders' agreement, a court may not order liquidation, involuntary termination, or receivership under that section unless the court determines that any other remedy in law or equity, including appointment of a provisional director, custodian, or other type of receiver, is inadequate.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.21.htm
- Text hash
- sha256 14871840770356b329dc250a485dcdb0b64eb8f03c024c5c3d200520074893a8
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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