Tex. Insurance Code § 822.156
CERTIFICATE REQUIRED FOR AMENDMENT OF CHARTER TO AUTHORIZE SHARES WITHOUT PAR VALUE
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 822.156, CERTIFICATE REQUIRED FOR AMENDMENT OF CHARTER TO AUTHORIZE SHARES WITHOUT PAR VALUE, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/678994
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Full text
(a) If a proposed amendment to the charter of an insurance company authorizes the issuance of shares of stock without par value, the insurance company must file with the department, at the time the proposed amendment is filed, a certificate authenticated by a majority of the directors stating:
(1) the number of shares without par value that are subscribed; and
(2) the consideration the company received for those shares.
(b) On receipt of the certificate, the commissioner shall examine the certificate. The commissioner shall certify and file the certificate if the commissioner approves the certificate.