Texas Insurance Code

§ 841.056 — REQUIREMENTS FOR SHARES OF STOCK WITH PAR VALUE

IN § 841.056Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES · Ch. 841. LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. B. FORMATION AND STRUCTURE OF DOMESTIC COMPANIES

Statute text

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(a)The shares of stock of an insurance company operating under this chapter that are divided or converted into par value shares, if any, must have a par value of not less than $1 or more than $100.

(b)Each par value share of stock must be fully paid for before issuance in an amount that is not less than the share's par value.

(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(d)Repealed by Acts 2023, 88th Leg., R.S., Ch. 825 (H.B. 1903), Sec. 3(3), eff. September 1, 2023.

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Legislative history

Acts 2023, 88th Leg., R.S., Ch. 825 (H.B. 1903), Sec. 3(3), eff. September 1, 2023.