Tex. Ins. Code § 829.005 · Subchapter A. GENERAL PROVISIONS
CONFLICT OF INTEREST.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided by a conversion plan approved by the commissioner or by this section, the following individuals may not receive a fee, commission, stock distribution, stock subscription rights, or other consideration, other than that individual's usual salary or compensation for aiding, promoting, assisting, or participating in a conversion under this chapter:
(1) a director, officer, agent, or employee of a converting exchange or the exchange's attorney in fact; or
(2) the attorney in fact if the attorney in fact is an individual.
(b) Subsection (a) does not apply to consideration received in the individual's capacity as a member.
(c) This section does not prohibit the payment of reasonable fees and compensation to an attorney, accountant, or actuary for professional services performed by that person, without regard to whether the person is also a director or officer of the converting exchange or its attorney in fact.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.829.htm
- Text hash
- sha256 95520b74fad2333b956174eb990d564e0bc4ca146f17bb8962485ebb45f821bf
- 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.