Sec. 155.004.  RECEIVER ON FAILURE OF CORPORATION.  (a)  If a corporation that does business in this state as a bond investment company fails, a district court of the county in which the principal office of the corporation is located shall appoint, on application of a shareholder of the corporation, a receiver.
(b)  A receiver appointed under Subsection (a) shall:
(1)  wind up the affairs of the corporation;
(2)  liquidate the debts of the corporation;  and
(3)  distribute any remaining assets of the corporation, including, if ordered by the court, the deposit made under this chapter to secure the shareholders.
(c)  The comptroller may refund a deposit made under this chapter on application of the receiver approved by the court.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.