1. (a) A receiver appointed under this chapter:

   1. (1) must be an individual citizen of the United States or an entity authorized to act as receiver;
   2. (2) shall give a bond in the amount required by the court and with any sureties as may be required by the court;
   3. (3) may sue and be sued in the receiver's name in any court;
   4. (4) has the powers and duties provided by other laws applicable to receivers; and

   5. (5) has the powers and duties that are stated in the order appointing the receiver or that the appointing court:

      1. (A) considers appropriate to accomplish the objectives for which the receiver was appointed; and
      2. (B) may increase or diminish at any time during the proceedings.
2. (b) To be appointed a receiver under this chapter, a foreign entity must be registered to transact business in this state.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.