Texas Insurance Code
§ 841.154 — STAGGERED TERMS FOR DIRECTORS
IN § 841.154Title 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. D. MANAGEMENT OF COMPANY
Statute text
View on source(a)Repealed by Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 5, eff. September 1, 2021.
(b)The bylaws of a domestic insurance company may provide that the company's directors, other than initial directors, may be elected to serve staggered terms as provided by this section.
(c)The company's directors shall be divided into two or three classes, with each class consisting of an equal number of directors to the extent possible. After the directors are divided into classes:
(1)the terms of the directors in the first class expire on the first annual meeting date after their initial election;
(2)the terms of the directors in the second class expire on the second annual meeting date after their initial election; and
(3)the terms of the directors in the third class, if any, expire on the third annual meeting date after their initial election.
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Legislative history
Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 4, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 5, eff. September 1, 2021.