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Tex. Insurance Code § 826.051

PLAN ADOPTION

Texas · Texas Insurance Code · Status: effective

Family Law
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Tex. Insurance Code § 826.051, PLAN ADOPTION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/679156
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(a) To convert to a stock insurance company a mutual insurance company must adopt, by the affirmative vote of at least two-thirds of the members of its board of directors, a conversion plan consistent with this chapter. (b) For a conversion plan to take effect: (1) the commissioner must approve the conversion plan; and (2) the eligible members must approve the conversion plan and adopt the amended or restated articles of incorporation of the resulting company.