Texas Insurance Code

§ 861.153 — AUTHORIZED SHARES

IN § 861.153Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part D. CASUALTY COMPANIES · Ch. 861. GENERAL CASUALTY COMPANIES · Art. D. POWERS AND DUTIES OF GENERAL CASUALTY COMPANY

Statute text

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(a)A general casualty company may increase or decrease its capital stock after:

(1)the intent to increase the stock is ratified by a two-thirds vote of the shareholders or the intent to decrease the stock is ratified by a majority vote of the shareholders; and

(2)notice of the intent to increase or decrease the stock is published in a newspaper of general circulation for five consecutive days.

(b)An increase in capital stock must be equal to an amount of at least $50,000.

Legislative history

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