Texas Insurance Code

§ 883.056 — BOARD OF DIRECTORS

IN § 883.056Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 883. MUTUAL INSURANCE COMPANIES OTHER THAN MUTUAL LIFE INSURANCE COMPANIES · Art. B. FORMATION, STRUCTURE, AND MANAGEMENT OF COMPANY

Statute text

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(a)The board of directors named in a mutual insurance company's articles of incorporation shall manage the company until the initial meeting of the members of the company.

(b)After a mutual insurance company is issued a certificate of authority, the company's board of directors may:

(1)adopt bylaws;

(2)accept applications for insurance; and

(3)transact the business of the company.

Legislative history

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