Tex. Insurance Code § 4001.305
TRANSFER OF INTEREST IN AGENCY BY SHAREHOLDER OF CORPORATE AGENCY
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 4001.305, TRANSFER OF INTEREST IN AGENCY BY SHAREHOLDER OF CORPORATE AGENCY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/685339
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Full text
(a) A shareholder of a corporate licensed agency may, if provided by a contract entered into by each shareholder and the corporation, transfer an interest in the agency to the shareholder's children or a trust for the shareholder's children. The children or trust may share in the profits of the agency to the extent of that interest during the children's lifetime.
(b) The children or trust is not required to qualify as an agent to share in the profits of the corporation but may not perform an act of an agent on behalf of the corporation without qualifying as an agent.