Texas Insurance Code

§ 885.453 — RESOLUTION TO CONVERT; ADDITIONAL REQUIREMENTS

IN § 885.453Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 885. FRATERNAL BENEFIT SOCIETIES · Art. J. CONVERSION OF FRATERNAL BENEFIT SOCIETY

Statute text

View on source

(a)As provided by the notice under Section 885.452 and after convening the supreme governing body of the fraternal benefit society, the lodge representatives shall vote on whether to adopt a resolution authorizing the conversion of the society to a mutual life insurance company or incorporated stock company. To take effect, the resolution must be approved by lodge representatives of lodges that constitute at least 60 percent of the total membership of the fraternal benefit society.

(b)The resolution authorizing the conversion must:

(1)set out or ratify a certificate of incorporation amending the fraternal benefit society's charter; and

(2)state:

(A)the society's name;

(B)the name of the new company by which the society will be known;

…

Legislative history

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