Tex. Fin. Code § 155.004 · Chapter 155. BOND INVESTMENT COMPANIES
RECEIVER ON FAILURE OF CORPORATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
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 21f8fbc9e8c330a1dd1d5964c794c71704d99d66243f3e8f112d612b3ade8c17
- 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.