Texas Insurance Code
§ 885.457 — COMPLETION AND LEGAL EFFECT OF CONVERSION TO STOCK COMPANY
IN § 885.457Title 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)The conversion of a fraternal benefit society to an incorporated stock company is complete when the society has:
(1)complied with this subchapter and other state law regulating the incorporation of a life insurance company; and
(2)received from the commissioner its charter or certificate of authority to transact business as an incorporated stock company.
(b)A fraternal benefit society that converts to an incorporated stock company:
(1)is considered by law to have each right, privilege, power, or authority of any other stock corporation organized for engaging in the business of life insurance in this state;
(2)is subject to laws applicable to a stock corporation organized under Chapter 841 for engaging in the business of life insurance in this state;
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.