Tex. Ins. Code § 912.054 · Subchapter B. ORGANIZATION OF COUNTY 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 county mutual insurance company 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.912.htm
- Text hash
- sha256 81638d6efa34c49491dc40a91469f684a61469f177259f9ebad392eb64519683
- 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.