Texas § FI.155.004 - RECEIVER ON FAILURE OF CORPORATION
Full text of Texas The Texas Constitution § FI.155.004 — RECEIVER ON FAILURE OF CORPORATION, with citation guidance and answers to common questions.
§ FI.155.004. RECEIVER ON FAILURE OF CORPORATION
RECEIVER ON FAILURE OF CORPORATION. (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. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.155.004
What does The Texas Constitution § FI.155.004 cover?
Section FI.155.004 ("RECEIVER ON FAILURE OF CORPORATION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.155.004?
A common citation format is "The Texas Constitution § FI.155.004" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.155.004 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.