Texas Insurance Code

§ 824.002 — PROCEDURES; APPLICABILITY OF TEXAS BUSINESS CORPORATION ACT

IN § 824.002Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 824. MERGER AND CONSOLIDATION OF STOCK INSURANCE CORPORATIONS · Art. A. AUTHORITY AND PROCEDURES

Statute text

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(a)To the extent that the provisions of the Texas Business Corporation Act are not inconsistent with the provisions of this code, the Texas Business Corporation Act governs:

(1)the procedures for a merger or consolidation under this chapter;

(2)the effect of a merger or consolidation under this chapter; and

(3)the rights and duties of creditors, shareholders, and the corporations that are involved in a merger or consolidation under this chapter.

(b)To the extent that the Texas Business Corporation Act applies under this chapter to insurance corporations, the commissioner shall perform each duty, exercise each power, and perform each act vested in, required of, or to be performed by the secretary of state under the Texas Business Corporation Act.

Legislative history

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