Tex. Ins. Code § 841.055 · Subchapter B. FORMATION AND STRUCTURE OF DOMESTIC COMPANIES
SHARES OF STOCK.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The shares of stock of an insurance company operating under this chapter may be divided or converted into shares of stock with a par value or shares of stock without par value or into a combination of shares with or without par value.
(b) Each issued share of stock must be fully paid for and nonassessable.
(c) Repealed by Acts 2023, 88th Leg., R.S., Ch. 825 (H.B. 1903), Sec. 3(2), eff. September 1, 2023.
(d) Authorized but unissued shares of stock of an insurance company are not considered capital, stock, or capital stock of the company.
(e) This section and Sections 841.056 and 841.057 do not impair the charter rights of an insurance company authorized to issue shares of stock with or without a par value before September 6, 1955.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 825 (H.B. 1903), Sec. 3(2), eff. September 1, 2023.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.841.htm
- Text hash
- sha256 9d292e0912e92aca40dc5b33b476d444206d14493f1a280c40cbab362cf38c72
- 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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