Texas Insurance Code
§ 822.055 — SHARES OF STOCK WITH PAR VALUE
IN § 822.055Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 822. GENERAL INCORPORATION AND REGULATORY REQUIREMENTS FOR INSURANCE COMPANIES OTHER THAN LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. B. FORMATION AND STRUCTURE OF COMPANY
Statute text
View on source(a)An insurance company organized under the laws of this state may authorize the issuance of shares of stock with a par value of not less than $1 or more than $100. The company may increase from time to time the number of shares with a par value by an amendment to the company's charter.
(b)Each par value share of stock must be fully paid before issuance in an amount that is not less than the share's par value. Par value shares issued under this section are not subject to additional call or assessment, and the subscriber or holder of those shares is not required to make an additional payment with respect to those shares.
(c)When an application for charter or an amendment to the charter authorizing the issuance of shares of stock with a par value is filed, the insurance company shall file with the department a statement under oath stating:
(1)the total number of par value shares subscribed; and
(2)the actual total consideration the company received for those shares.
(d)Repealed by Acts 2023, 88th Leg., R.S., Ch. 825 (H.B. 1903), Sec. 3(1), eff. September 1, 2023.
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Legislative history
Acts 2023, 88th Leg., R.S., Ch. 825 (H.B. 1903), Sec. 3(1), eff. September 1, 2023.