Texas Business Organizations Code - Section 12.251. Receiver
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§ 12.251. RECEIVER. In a suit filed by this state against
a filing entity or foreign filing entity for the termination of the
entity's certificate of formation or registration or for a fine or
penalty, the court in this state in which the suit is pending:
(1) shall appoint a receiver for the property and
business of the entity in this state or that subsequently comes into
this state during the receivership if the filing entity or foreign
filing entity commences the process of winding up its business in
this or another state or a judgment is rendered against it in this
or another state for the termination of the entity's certificate of
formation or registration; and
(2) may appoint a receiver for the entity if the
interest of the state requires the appointment.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 12.151 12.152 12.153 12.154 12.155 12.156 12.201 12.251 12.252 12.253 12.254 12.255 12.256 12.257 12.258
Last modified: August 11, 2007
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