Texas § HS.712.0445 - RECEIVERSHIP PROCEEDINGS

§ HS.712.0445. RECEIVERSHIP PROCEEDINGS

RECEIVERSHIP PROCEEDINGS. (a) In conjunction with a proceeding to forfeit the right to do business in this state brought by the attorney general, the attorney general may seek the appointment of a receiver. This remedy is in addition to other grounds for the appointment of a receiver. (b) If the receiver is a private party, the receiver shall be compensated from the corporation or, if the corporation has no assets available to pay the receiver, from the income only of the perpetual care fund. The receiver may not invade the principal of the fund. (c) The court may appoint a department employee as receiver. If the receiver is a department employee, the employee may not receive compensation for serving as receiver in addition to the employee's regular salary. The department may receive reimbursement from the corporation for the travel expenses and the fully allocated personnel costs associated with the employee's service as receiver. (d) A department employee serving as receiver is not personally liable for damages arising from the employee's official act or omission unless the act or omission is corrupt or malicious. The attorney general shall defend an action brought against an employee serving as receiver because of an official act or omission as receiver regardless of whether the employee has terminated service with the department before the action commences. Added by Acts 2011, 82nd Leg., R.S., Ch. 532 (H.B. 2495 ), Sec. 13, eff. September 1, 2011. Added by Acts 2011, 82nd Leg., R.S., Ch. 1336 (S.B. 1167 ), Sec. 13, eff. September 1, 2011.