Tex. Ins. Code § 825.051 · Subchapter B. STOCK ACQUISITION PLAN
CONTENTS OF STOCK ACQUISITION PLAN.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A stock acquisition plan must:
(1) be adopted by a vote of a majority of the directors of the corporation at a directors' meeting called for that purpose;
(2) be approved by a vote of shareholders representing a majority of the capital stock at a meeting of shareholders called for that purpose;
(3) enable each shareholder to dispose of the same proportion of the shareholder's holdings at the same price per share and on the same terms as any other shareholder;
(4) be approved by a vote of the majority of the policyholders eligible under Section 825.054 to participate at a meeting of the policyholders called for that purpose; and
(5) be submitted to the commissioner and approved by the commissioner in writing.
(b) If the purchase price for the company's acquisition of shares of its capital stock is not set by the stock acquisition plan, each payment for those shares is subject to the commissioner's approval.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.825.htm
- Text hash
- sha256 742a32244a9359da130df16a847143b7226ba66a243985a6855025d7dffaa6d6
- 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
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