Tex. Ins. Code § 826.051

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 826.051 - Plan Adoption

(a) To convert to a stock insurance company a mutual insurance company must adopt, by the affirmative vote of at least two-thirds of the members of its board of directors, a conversion plan consistent with this chapter.

(b) For a conversion plan to take effect:

(1) the commissioner must approve the conversion plan; and

(2) the eligible members must approve the conversion plan and adopt the amended or restated articles of incorporation of the resulting company.

Tex. Ins. Code § 826.051

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.