William R. Day,
Waters-Pierce Oil Company v. Texas…
“ When we examine the opinion of the court of civil appeals we find that it sustained the proceeding for the appointment of a receiver, not only under the act of April 11, 1907, but, as well, by virtue of subdivision 3 of article 1465 of Sayles's Civil Statutes for Texas, passed originally in 1887, which subdivision provides that a receiver may be appointed where a corporation has been dissolved, or is insolvent, or in imminent danger of insolvency, or has forfeited its corporate rights. ”
