{"data":{"id":"us-tx/tex.-business-organizations-code-21.757","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 21.757","heading":"LIQUIDATION; INVOLUNTARY WINDING UP AND TERMINATION; RECEIVERSHIP.","body":"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.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 2. CORPORATIONS","CHAPTER 21. FOR-PROFIT CORPORATIONS","SUBCHAPTER P. JUDICIAL PROCEEDINGS RELATING TO CLOSE CORPORATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.21.htm#21.757","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"e27479de62bb6b4852016f9b08c189ce2549cc13649888acec61deabe3193496","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-21.756","next":"us-tx/tex.-business-organizations-code-21.758"},"notice":"GroundRules: Original legal text. Not legal advice."}