Texas Business Organizations Code 21.757 – Liquidation; Involuntary Winding Up and Termination; Receivership
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Terms Used In Texas Business Organizations Code 21.757
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002
- Law: means , unless the context requires otherwise, both statutory and common law. See Texas Business Organizations Code 1.002
Except as provided by § 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.