Section 155.004 - Receiver on Failure of Corporation(a) If a corporation that does business in this state as a bond investment company fails, a district court of the county in which the principal office of the corporation is located shall appoint, on application of a shareholder of the corporation, a receiver.(b) A receiver appointed under Subsection (a) shall: (1) wind up the affairs of the corporation;(2) liquidate the debts of the corporation; and(3) distribute any remaining assets of the corporation, including, if ordered by the court, the deposit made under this chapter to secure the shareholders.(c) The comptroller may refund a deposit made under this chapter on application of the receiver approved by the court. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.