Sec. 21.762. POWERS AND DUTIES OF CUSTODIAN. A person who qualifies as a custodian has all of the powers and duties and the title of a receiver appointed under Sections 11.404-11.406. The custodian shall continue the business of the close corporation and may not liquidate the affairs or distribute the assets of the close corporation, except as provided by court order or Section 21.761(a)(3).
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