Sec. 1303.402. APPOINTMENT OF RECEIVER. (a) If in the commission's opinion the continued operation of a residential service company would be hazardous to its contract holders or the public, the commission may request a district court of Travis County to appoint a receiver.
(b) After adequate notice and a hearing, if the court determines that a receiver should be appointed to protect the rights of the contract holders or the public, the court shall issue an order appointing a receiver. The order must clearly state whether the receiver has the power to:
(1) manage and operate the residential service company's business generally; or
(2) manage only the residential service company's finances.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 3, eff. June 1, 2003.
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