Tex. Insurance Code § 861.153
This is the official text of Tex. Insurance Code § 861.153, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 861.153. AUTHORIZED SHARES.
Official statutory text
(a) A general casualty company may increase or decrease its capital stock after:
(1) the intent to increase the stock is ratified by a two-thirds vote of the shareholders or the intent to decrease the stock is ratified by a majority vote of the shareholders; and
(2) notice of the intent to increase or decrease the stock is published in a newspaper of general circulation for five consecutive days.
(b) An increase in capital stock must be equal to an amount of at least $50,000.
(1) the intent to increase the stock is ratified by a two-thirds vote of the shareholders or the intent to decrease the stock is ratified by a majority vote of the shareholders; and
(2) notice of the intent to increase or decrease the stock is published in a newspaper of general circulation for five consecutive days.
(b) An increase in capital stock must be equal to an amount of at least $50,000.
Status: in_force · Read it on the official government site
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