Texas § FI.155.003 - FAILURE TO MAKE DEPOSIT
Full text of Texas The Texas Constitution § FI.155.003 — FAILURE TO MAKE DEPOSIT, with citation guidance and answers to common questions.
§ FI.155.003. FAILURE TO MAKE DEPOSIT
FAILURE TO MAKE DEPOSIT. (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. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.155.003
What does The Texas Constitution § FI.155.003 cover?
Section FI.155.003 ("FAILURE TO MAKE DEPOSIT") 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.155.003?
A common citation format is "The Texas Constitution § FI.155.003" (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.155.003 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.