Texas Insurance Code

§ 912.061 — APPLICATION FOR EXTENSION OF CHARTER; TERM

IN § 912.061Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 912. COUNTY MUTUAL INSURANCE COMPANIES · Art. B. ORGANIZATION OF COUNTY MUTUAL INSURANCE COMPANY; DIRECTORS

Statute text

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(a)Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire.

(b)The application for an extension must:

(1)demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting;

(2)state in full the charter to be extended;

(3)state the period for which the charter is to be extended;

(4)be signed and acknowledged by the president and secretary of the company; and

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Legislative history

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