Texas Insurance Code

§ 911.062 — REMOVAL OF OFFICER OR DIRECTOR

IN § 911.062Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 911. FARM MUTUAL INSURANCE COMPANIES · Art. B. ORGANIZATION OF FARM MUTUAL INSURANCE COMPANY; DIRECTORS

Statute text

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(a)The board of directors of a farm mutual insurance company, at a meeting, may remove an officer or director of the company if, by a two-thirds majority vote of all the company's directors, the board determines that the removal of the individual is in the best interest of the company. The board may remove an officer or director under this subsection without stating a reason for the removal.

(b)The board may appoint one or more individuals to assume the duties and serve the unexpired term of an officer or director removed under this section.

Legislative history

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