Tex. Ins. Code § 826.051 · Subchapter B. CONVERSION PLAN ADOPTION AND REQUIREMENTS
PLAN ADOPTION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) To convert to a stock insurance company a mutual insurance company must adopt, by the affirmative vote of at least two-thirds of the members of its board of directors, a conversion plan consistent with this chapter.
(b) For a conversion plan to take effect:
(1) the commissioner must approve the conversion plan; and
(2) the eligible members must approve the conversion plan and adopt the amended or restated articles of incorporation of the resulting company.
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.826.htm
- Text hash
- sha256 b5e91a8d3cdf79cc4d25d9b48dbbff1734bda270941bebf7ab46354354b7ba1f
- 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.