Tex. Ins. Code § 911.061 · Subchapter B. ORGANIZATION OF FARM MUTUAL INSURANCE COMPANY; DIRECTORS
AUTHORITY TO BORROW MONEY.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board of directors of a farm mutual insurance company, acting through its authorized officers, may borrow money in an amount determined to be necessary to pay the company's accrued or unaccrued losses.
(b) The board may pledge as security for a loan the assets of the company, including the contingent liability of its policyholders.
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.911.htm
- Text hash
- sha256 9e32437382eabd9b7f41c41e7a6f9f20d2d6b212f31b0656fc6e1322af6e5809
- 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.