Sec. 21.763. TERMINATION OF CUSTODIANSHIP. If the condition requiring the appointment of a custodian is remedied other than by liquidation or winding up and termination, the court shall terminate the custodianship immediately and management of the close corporation shall be restored to the directors or shareholders of the close corporation or to the persons empowered to manage the business and affairs of the close corporation under a shareholders' agreement.
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