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Tex. Bus. Orgs. Code § 21.757

LIQUIDATION; INVOLUNTARY WINDING UP AND TERMINATION; RECEIVERSHIP

Applied in 1 court decision — leading case Estate of Price (2017)

Most recently applied in Estate of Price (February 2017)

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.