Tex. Insurance Code § 826.051
This is the official text of Tex. Insurance Code § 826.051, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 826.051. PLAN ADOPTION.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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