Texas Insurance Code

§ 885.063 — MERGER OR TRANSFER OF MEMBERSHIP OR FUNDS

IN § 885.063Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 885. FRATERNAL BENEFIT SOCIETIES · Art. B. STRUCTURE OF FRATERNAL BENEFIT SOCIETY

Statute text

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(a)A domestic fraternal benefit society may not merge with or accept a transfer of the membership or funds of another fraternal benefit society unless:

(1)the merger or transfer is evidenced by a written contract that fully sets out the terms of the merger or transfer; and

(2)the societies file with the department:

(A)a copy of the contract;

(B)a sworn statement of the financial condition of each society by its president and secretary or corresponding officers; and

(C)a certificate of those officers, verified under oath, that the merger or transfer has been approved by a vote of two-thirds of the members of the supreme governing body of each society.

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Legislative history

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