Texas Insurance Code

§ 887.453 — MEMBERS MEETING; NOTICE

IN § 887.453Title 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. J. CONVERSION TO LEGAL RESERVE INSURANCE COMPANY

Statute text

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(a)On receipt of the commissioner's written approval of proposed plans under Section 887.452 or of the plans as amended to meet the commissioner's requirements in accordance with Chapter 882, an association's board of directors or an officer of the association authorized by its bylaws to call a meeting of its members shall:

(1)call a meeting of the association's members for voting on ratification of the proposed conversion or reinsurance; and

(2)mail to each member of the association:

(A)a copy of the proposed plans; and

(B)a notice of the meeting.

(b)The meeting may not be held before the 16th day after the date the notice is mailed under Subsection (a)(2).

Legislative history

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