Texas Insurance Code
§ 826.205 — CAPITAL STOCK HELD BY MUTUAL HOLDING COMPANY
IN § 826.205Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 826. CONVERSION OF MUTUAL INSURANCE COMPANY TO STOCK INSURANCE COMPANY · Art. E. CONVERSION THROUGH MUTUAL HOLDING COMPANY
Statute text
View on source(a)In this section:
(1)"Intermediate holding company" means a holding company that:
(A)is a subsidiary of a mutual holding company formed to reorganize a mutual insurance company; and
(B)directly or through a subsidiary intermediate holding company, owns the resulting company.
(2)"Majority of the voting shares of the capital stock" means shares of the capital stock of a company that carry the right to cast a majority of the votes entitled to be cast by all of the outstanding shares of the capital stock of the company on all matters submitted to a vote of the shareholders of the company.
(b)All of the initial shares of the capital stock of the resulting company shall be issued to the mutual holding company.
…
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.