Texas Insurance Code

§ 829.151 — CORPORATE EXISTENCE

IN § 829.151Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 829. CONVERSION OF RECIPROCAL OR INTERINSURANCE EXCHANGE TO STOCK COMPANY THROUGH CREATION OF A MUTUAL HOLDING COMPANY · Art. D. EFFECT OF PLAN; RIGHTS OF MEMBERS

Statute text

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(a)On the effective date:

(1)the legal existence of the converting exchange continues in the resulting company;

(2)all assets, rights, franchises, and interests of the converting exchange in and to property and any accompanying thing in action are vested in the resulting company without a deed or transfer;

(3)the resulting company assumes all the obligations and liabilities of the converting exchange; and

(4)the power of attorney or other appropriate authorization granting the attorney in fact the authority to act for the subscribers of the converting exchange is terminated.

(b)Except as otherwise specified by the conversion plan:

…

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.