Tex. Ins. Code § 885.261 · Subchapter F. POWERS AND DUTIES OF FRATERNAL BENEFIT SOCIETY
CONTROL OF FUND BY LODGE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) This section applies if the constitution and bylaws of the grand lodge or governing body of a fraternal benefit society:
(1) provide that all or part of the beneficiary, mortuary, or insurance fund of the society that is paid by or collected from the members of a lodge may be retained in the custody of and controlled and managed by the lodge; and
(2) designate an officer of the lodge to have custody and control of a fund described by Subdivision (1) and authority to loan or invest the fund.
(b) A lodge officer having custody and control of a fund described by Subsection (a)(1) shall execute a bond or other written instrument to be prescribed and approved in terms and amount by the commissioner to indemnify the fund against waste, depletion, or loss. The lodge officer shall file the bond or other written instrument with the department, if required to do so by the department.
(c) A fund secured as provided by Subsection (b) is exempt from this chapter.
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.885.htm
- Text hash
- sha256 9037e3d54ce3b57f9196c1fe10f696291727114356133c8634c9affa8f3c6b0d
- 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.