Tex. Ins. Code § 885.453 · Subchapter J. CONVERSION OF FRATERNAL BENEFIT SOCIETY
RESOLUTION TO CONVERT; ADDITIONAL REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) As provided by the notice under Section 885.452 and after convening the supreme governing body of the fraternal benefit society, the lodge representatives shall vote on whether to adopt a resolution authorizing the conversion of the society to a mutual life insurance company or incorporated stock company. To take effect, the resolution must be approved by lodge representatives of lodges that constitute at least 60 percent of the total membership of the fraternal benefit society.
(b) The resolution authorizing the conversion must:
(1) set out or ratify a certificate of incorporation amending the fraternal benefit society's charter; and
(2) state:
(A) the society's name;
(B) the name of the new company by which the society will be known;
(C) the object of the company;
(D) the location of the company's principal office;
(E) the names of the principal officers of the company, who serve until their successors are elected and qualified; and
(F) the period, if any, of the duration of the company.
(c) If the fraternal benefit society is converting to a mutual life insurance company:
(1) the resolution authorizing the conversion must also state the amount of the unencumbered surplus;
(2) the amount and form of the unencumbered surplus must comply with Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404; and
(3) the conversion must comply with Sections 882.056(a) and (b), 882.057, 882.058, 882.059, and 882.101.
(d) If the fraternal benefit society is converting to an incorporated stock company:
(1) the resolution authorizing the conversion must also state:
(A) the amount of the surplus, the amount of capital stock authorized, and the number of shares into which the capital stock is divided; and
(B) the amount of capital stock to be immediately paid in;
(2) the amounts and form of the surplus and capital must comply with Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302; and
(3) the conversion must comply with Sections 841.058, 841.059(a)(1), 841. 060, 841.061, 841.062, and 841.063.
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 4604414d21609dead12d920da1c12e41b35574216283ccbc0d1009ec3ef44787
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Insurance Code
- Tex. Ins. Code § 841.054CAPITAL STOCK AND SURPLUS REQUIREMENTS.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.055SHARES OF STOCK.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.056REQUIREMENTS FOR SHARES OF STOCK WITH PAR VALUE.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.057REQUIREMENTS FOR SHARES OF STOCK WITHOUT PAR VALUE.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.058APPLICATION FOR CHARTER.Printed as Sections 841.058, 841.059(a)(1)
- Tex. Ins. Code § 841.059ACTION BY COMMISSIONER AND DEPARTMENT AFTER FILING.Printed as Sections 841.058, 841.059(a)(1)
- Tex. Ins. Code § 841.204EXEMPTION FROM REQUIRED INCREASE OF CAPITAL AND SURPLUS.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.205COMMISSIONER MAY REQUIRE LARGER CAPITAL AND SURPLUS AMOUNTS.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.301LIMITS ON AMOUNT OF ACCIDENT AND HEALTH INSURANCE POLICIES.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 841.302LIMITS ON LIFE OR ACCIDENTAL DEATH INSURANCE.Printed as Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302
- Tex. Ins. Code § 882.055UNENCUMBERED SURPLUS REQUIREMENTS.Printed as Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404
- Tex. Ins. Code § 882.056APPLICATION FOR CHARTER.Printed as Sections 882.056(a)
- Tex. Ins. Code § 882.301AMOUNT OF UNENCUMBERED SURPLUS.Printed as Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404
- Tex. Ins. Code § 882.302EXEMPTION FOR CERTAIN COMPANIES.Printed as Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404
- Tex. Ins. Code § 882.304INVESTMENT OF EXCESS UNENCUMBERED SURPLUS.Printed as Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404
- Tex. Ins. Code § 882.404ALLOCATION OF CONTINGENCY RESERVE TO UNENCUMBERED SURPLUS.Printed as Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404
- Tex. Ins. Code § 885.452MEETING OF LODGE REPRESENTATIVES; NOTICE.Printed as Section 885.452
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.