Texas Insurance Code

§ 887.307 — REVENUE OF ASSOCIATION; DEPOSIT

IN § 887.307Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. G. ASSESSMENTS AND REVENUE

Statute text

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(a)The revenue of an association must be derived from:

(1)membership fees; and

(2)assessments.

(b)Not later than the fifth day after the date an association collects revenue, the association shall deposit the revenue in a state or national bank.

Legislative history

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