Sec. 36.3035. APPOINTMENT OF A RECEIVER. (a) If the attorney general brings a suit for the appointment of a receiver for a district, a district court shall appoint a receiver if an appointment is necessary to protect the assets of the district.
(b) The receiver shall execute a bond in an amount to be set by the court to ensure the proper performance of the receiver's duties.
(c) After appointment and execution of bond, the receiver shall take possession of the assets of the district specified by the court.
(d) Until discharged by the court, the receiver shall perform the duties that the court directs to preserve the assets and carry on the business of the district and shall strictly observe the final order involved.
(e) On a showing of good cause by the district, the court may dissolve the receivership and order the assets and control of the business returned to the district.
Added by Acts 2001, 77th Leg., ch. 966, Sec. 2.57, eff. Sept. 1, 2001.
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