Texas § 826.051 PLAN ADOPTION.

Texas Statutes

§ 826.051 — PLAN ADOPTION.

Texas § 826.051

Code INInsurance Code

This text of Texas § 826.051 (PLAN ADOPTION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 826.051 (2026).

Text

Sec. 826.051. PLAN ADOPTION.

(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.

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Sec. 826.051. PLAN ADOPTION. (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.