Tex. Fin. Code § 155.003 · Chapter 155. BOND INVESTMENT COMPANIES
FAILURE TO MAKE DEPOSIT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
(d) A receiver appointed under Subsection (c)(2) shall, under the order of the court, distribute to the shareholders the assets of the corporation.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.155.htm
- Text hash
- sha256 fdb3fbb0b60296c2ef45d6e26d650f3ed0e69245e385680d83e628af89aa30d4
- 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
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.