Tex. Ins. Code § 4001.305 · Subchapter G. OTHER PERSONS WHO MAY SHARE IN PROFITS OF AGENCY
TRANSFER OF INTEREST IN AGENCY BY SHAREHOLDER OF CORPORATE AGENCY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A shareholder of a corporate licensed agency may, if provided by a contract entered into by each shareholder and the corporation, transfer an interest in the agency to the shareholder's children or a trust for the shareholder's children. The children or trust may share in the profits of the agency to the extent of that interest during the children's lifetime.
(b) The 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 3efb8944c26aa508c047c837de2798614941050dcd88840e32b44db8db4ec307
- 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.