Tex. Ins. Code § 829.101 · Subchapter C. PLAN ADOPTION AND APPROVAL
PLAN ADOPTION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) To convert under this chapter an exchange must adopt a conversion plan consistent with this chapter by the affirmative vote of at least two-thirds of the members of its board of directors or, if the exchange does not have a board of directors, by approval of the attorney in fact. The proposed articles of incorporation of the resulting company and the mutual holding company must be exhibits to the conversion plan.
(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 articles of incorporation of the resulting company and the mutual holding company.
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 e8f3aa841bc4f44de30f5f40c31af17fed244dd060eacb88f8c215b6aa0bf55b
- 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.