Texas Insurance Code

§ 884.152 — BOARD OF DIRECTORS

IN § 884.152Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. D. MANAGEMENT OF STIPULATED PREMIUM COMPANY

Statute text

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(a)Subject to the bylaws of the stipulated premium company, as adopted or amended by the shareholders or directors, the board of directors has full management and control of the company.

(b)The board consists of not fewer than five directors.

(c)The directors shall keep a full and correct record of the board's transactions. The shareholders may inspect those records during business hours.

(d)The directors shall fill a vacancy that occurs on the board or in any office of the company.

(e)A majority of the board is a quorum.

Legislative history

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