Texas Business Organizations Code 11.406 – Receivers: Qualifications, Powers, and Duties
(a) A receiver appointed under this chapter:
(1) must be an individual citizen of the United States or an entity authorized to act as receiver;
(2) shall give a bond in the amount required by the court and with any sureties as may be required by the court;
(3) may sue and be sued in the receiver’s name in any court;
(4) has the powers and duties provided by other laws applicable to receivers; and
(5) has the powers and duties that are stated in the order appointing the receiver or that the appointing court:
(A) considers appropriate to accomplish the objectives for which the receiver was appointed; and
(B) may increase or diminish at any time during the proceedings.
(b) To be appointed a receiver under this chapter, a foreign entity must be registered to transact business in this state.
Terms Used In Texas Business Organizations Code 11.406
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Foreign: means , with respect to an entity, that the entity is formed under, and the entity's internal affairs are governed by, the laws of a jurisdiction other than this state. See Texas Business Organizations Code 1.002
- Individual: means a natural person. See Texas Business Organizations Code 1.002
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005