Sec. 885.503. ISSUANCE OF INJUNCTION AND APPOINTMENT OF RECEIVER. (a) If it appears on the trial of an action brought under Section 885.502(b) that the fraternal benefit society should be closed, the court shall:
(1) enjoin the society from engaging in further business; and
(2) appoint a receiver for the society.
(b) A receiver appointed under Subsection (a)(2) shall:
(1) immediately take possession of the books, papers, money, and other assets of the fraternal benefit society; and
(2) promptly, under the court's direction, proceed to close the society's affairs and distribute its funds to the persons entitled to those funds.
(c) A court in this state may not hear an application for an injunction against or proceedings for the dissolution of or the appointment of a receiver for a domestic fraternal benefit society or lodge unless the attorney general makes the application or brings the proceedings.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Last modified: September 28, 2016