Tex. Insurance Code § 826.005
This is the official text of Tex. Insurance Code § 826.005, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 826.005. CORPORATE EXISTENCE.
Official statutory text
(a) On the effective date of a conversion under this chapter:
(1) the corporate existence of the converting company continues in the resulting company;
(2) all assets, rights, franchises, and interests of the converting company in and to property and any accompanying thing in action are vested in the resulting company without a deed or transfer; and
(3) the resulting company assumes all the obligations and liabilities of the converting company.
(b) Except as otherwise specified by the conversion plan, the directors and officers of the converting company serving on the effective date of the conversion serve as directors and officers of the resulting company until new directors and officers are elected under the articles of incorporation and bylaws of the resulting company.
(1) the corporate existence of the converting company continues in the resulting company;
(2) all assets, rights, franchises, and interests of the converting company in and to property and any accompanying thing in action are vested in the resulting company without a deed or transfer; and
(3) the resulting company assumes all the obligations and liabilities of the converting company.
(b) Except as otherwise specified by the conversion plan, the directors and officers of the converting company serving on the effective date of the conversion serve as directors and officers of the resulting company until new directors and officers are elected under the articles of incorporation and bylaws of the resulting company.
Status: in_force · Read it on the official government site
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