Tex. Ins. Code § 4001.303 · Subchapter G. OTHER PERSONS WHO MAY SHARE IN PROFITS OF AGENCY
PROFITS AFTER DEATH OF SHAREHOLDER OF CORPORATE AGENCY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On the death of a shareholder of a corporate licensed agency, the surviving spouse and children, if any, of the deceased shareholder, or a trust for the surviving spouse and children, may share in the profits of the corporate agency during the lifetime of the surviving spouse or children as provided by a contract entered into by each shareholder and the corporation.
(b) The surviving spouse and children or trust is not required to qualify as an agent to share in the profits of the corporation but may not perform an act of an agent on behalf of the corporation without qualifying as an agent.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4001.htm
- Text hash
- sha256 5c34d67302c6ed91b5750f8ba3f5384f28883781db5305e1e2df78ac7a86c0f2
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.