Texas § 2551.056 REGULATION OF CERTAIN CORPORATIONS.

Texas Statutes

§ 2551.056 — REGULATION OF CERTAIN CORPORATIONS.

Texas § 2551.056

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Tex. Insurance Code Code Ann. § 2551.056 (2026).

Text

Sec. 2551.056. REGULATION OF CERTAIN CORPORATIONS.

(a)A corporation incorporated under Subdivision 57, Article 1302, Revised Statutes, before February 27, 1929, and engaging in business in this state on February 27, 1929:

(1)may continue to engage in business;

(2)is subject to this title; and

(3)shall comply with the requirements of this title regarding investments and deposits.

(b)A shareholder in a company acting under this title is not liable in the event of default in the payment of any debt or liability of the company beyond the shareholder's subscription for stock. SUBCHAPTER C. AUTHORITY TO ENGAGE IN BUSINESS

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Sec. 2551.056. REGULATION OF CERTAIN CORPORATIONS. (a) A corporation incorporated under Subdivision 57, Article 1302, Revised Statutes, before February 27, 1929, and engaging in business in this state on February 27, 1929:
(1) may continue to engage in business;
(2) is subject to this title; and
(3) shall comply with the requirements of this title regarding investments and deposits.
(b) A shareholder in a company acting under this title is not liable in the event of default in the payment of any debt or liability of the company beyond the shareholder's subscription for stock.
SUBCHAPTER C. AUTHORITY TO ENGAGE IN BUSINESS