Texas Insurance Code

§ 884.061 — ORGANIZATIONAL MEETING

IN § 884.061Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. B. FORMATION AND STRUCTURE OF STIPULATED PREMIUM INSURANCE COMPANY

Statute text

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(a)After receipt of the certified copy of documents under Section 884.059(c), the incorporators shall promptly call a meeting of the stipulated premium company's shareholders. The shareholders shall:

(1)adopt bylaws to govern the company; and

(2)elect the company's initial board of directors.

(b)The directors elected under this section serve until directors are first elected under Section 884.153.

Legislative history

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