Texas Finance Code 154.410 – Quo Warranto Proceedings
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(a) The attorney general may institute a quo warranto proceeding in a district court of Travis County to forfeit the charter or the right to do business of a corporation an officer, director, agent, or employee of which refuses or fails to correct a violation of this chapter after the department or attorney general notifies the officer, director, agent, or employee of the violation.
(b) Thirty days is considered a sufficient period to correct the violation after notice from the department or attorney general.
Terms Used In Texas Finance Code 154.410
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.