Tex. Ins. Code § 941.153 · Subchapter D. OPERATION, POWERS, AND DUTIES OF LLOYD'S PLAN
ACCRUAL OF PROFITS.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
The profits of a Lloyd's plan may accrue to an underwriter only on the basis of the underwriter's actual investment in cash or convertible securities, without regard to any obligation or subscription of the underwriter to pay additional cash or securities in the future.
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.941.htm
- Text hash
- sha256 27b506a034df5c1057b8894c868b40ff694196b9d5d63f383d038c600579a94d
- 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.