Texas § 826.053 SALE OF CAPITAL STOCK.

Texas Statutes

§ 826.053 — SALE OF CAPITAL STOCK.

Texas § 826.053

Code INInsurance Code

This text of Texas § 826.053 (SALE OF CAPITAL STOCK.) 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. § 826.053 (2026).

Text

Sec. 826.053. SALE OF CAPITAL STOCK. A conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:

(1)sold or distributed to a holder of surplus notes of the converting company; or

(2)subscribed to by:

(A)a tax-qualified employee benefit plan under Section 826.059 ;

(B)a director or officer under Section 826.056 (b); or

(C)an eligible member exercising subscription rights under Section 826.058 .

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Sec. 826.053. SALE OF CAPITAL STOCK. A conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:
(1) sold or distributed to a holder of surplus notes of the converting company; or
(2) subscribed to by:
(A) a tax-qualified employee benefit plan under Section 826.059 ;
(B) a director or officer under Section 826.056 (b); or
(C) an eligible member exercising subscription rights under Section 826.058 .