Tex. Ins. Code § 826.053

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

Section 826.053 - Sale of Capital Stock

A conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:

(1) sold or distributed to a holder of surplus notes of the converting company; or

(2) subscribed to by:

(A) a tax-qualified employee benefit plan under Section 826.059;

(B) a director or officer under Section 826.056(b); or

(C) an eligible member exercising subscription rights under Section 826.058.

Tex. Ins. Code § 826.053

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