Sec. 21.757. LIQUIDATION; INVOLUNTARY WINDING UP AND TERMINATION; RECEIVERSHIP. Except as provided by Section 21.756, in a case in which a shareholder is entitled to wind up and terminate a close corporation under a shareholders' agreement, a court may not order liquidation, involuntary termination, or receivership under that section unless the court determines that any other remedy in law or equity, including appointment of a provisional director, custodian, or other type of receiver, is inadequate.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter P. Judicial Proceedings Relating to Close Corporation
Section 21.752. Proceedings Authorized
Section 21.753. Notice; Intervention
Section 21.754. Proceeding Nonexclusive
Section 21.755. Unavailability of Judicial Proceeding
Section 21.756. Judicial Proceeding to Enforce Close Corporation Provision
Section 21.757. Liquidation; Involuntary Winding Up and Termination; Receivership
Section 21.758. Appointment of Provisional Director
Section 21.759. Rights and Powers of Provisional Director
Section 21.760. Compensation of Provisional Director
Section 21.761. Appointment of Custodian