Tex. Ins. Code § 826.053 · Subchapter B. CONVERSION PLAN ADOPTION AND REQUIREMENTS
SALE OF CAPITAL STOCK.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:
(1) sold or distributed to a holder of surplus notes of the converting company; or
(2) subscribed to by:
(A) a tax-qualified employee benefit plan under Section 826.059;
(B) a director or officer under Section 826.056(b); or
(C) an eligible member exercising subscription rights under Section 826.058.
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 dccaf411c15be387f02a20619d8d0c2dc64d9bfc960bc60f04d8d04a317ff6a6
- 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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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.