Texas Insurance Code

§ 825.051 — CONTENTS OF STOCK ACQUISITION PLAN

IN § 825.051Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 825. CONVERSION OF STOCK INSURANCE COMPANY TO MUTUAL INSURANCE COMPANY · Art. B. STOCK ACQUISITION PLAN

Statute text

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(a)A stock acquisition plan must:

(1)be adopted by a vote of a majority of the directors of the corporation at a directors' meeting called for that purpose;

(2)be approved by a vote of shareholders representing a majority of the capital stock at a meeting of shareholders called for that purpose;

(3)enable each shareholder to dispose of the same proportion of the shareholder's holdings at the same price per share and on the same terms as any other shareholder;

(4)be approved by a vote of the majority of the policyholders eligible under Section 825.054 to participate at a meeting of the policyholders called for that purpose; and

(5)be submitted to the commissioner and approved by the commissioner in writing.

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Legislative history

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