Tex. Ins. Code § 841.154 · Subchapter D. MANAGEMENT OF COMPANY
STAGGERED TERMS FOR DIRECTORS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Repealed by Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 5, eff. September 1, 2021.
(b) The bylaws of a domestic insurance company may provide that the company's directors, other than initial directors, may be elected to serve staggered terms as provided by this section.
(c) The company's directors shall be divided into two or three classes, with each class consisting of an equal number of directors to the extent possible. After the directors are divided into classes:
(1) the terms of the directors in the first class expire on the first annual meeting date after their initial election;
(2) the terms of the directors in the second class expire on the second annual meeting date after their initial election; and
(3) the terms of the directors in the third class, if any, expire on the third annual meeting date after their initial election.
(d) At each annual meeting after the directors are first elected, the shareholders shall elect the number of directors whose terms expire on that date. Directors are elected for:
(1) staggered two-year terms, if the board is divided into two classes; or
(2) staggered three-year terms, if the board is divided into three classes.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 4, eff. September 1, 2021.
Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 5, eff. September 1, 2021.
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 806576a1e8d3a8e37897492f1814c45908c650b48d78044f5d0ec80ee43dd50a
- 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
Cited by 1 provision
Provisions in this library whose text cites Tex. Ins. Code § 841.154. Each shows the citation as that text prints it.
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