Texas § 829.107 APPROVAL OF PLAN BY ELIGIBLE MEMBERS.

Texas Statutes

§ 829.107 — APPROVAL OF PLAN BY ELIGIBLE MEMBERS.

Texas § 829.107

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 829.107 (2026).

Text

Sec. 829.107. APPROVAL OF PLAN BY ELIGIBLE MEMBERS.

(a)After notice that complies with this chapter, the converting exchange may convene a meeting to consider the conversion plan, and any eligible member entitled to vote on the proposed conversion plan may vote in person or by proxy at the meeting. Except as otherwise provided in the bylaws of the converting exchange, each eligible member may cast one vote.

(b)Adoption of the conversion plan requires the affirmative vote of at least two-thirds of the votes cast by eligible members.

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Sec. 829.107. APPROVAL OF PLAN BY ELIGIBLE MEMBERS. (a) After notice that complies with this chapter, the converting exchange may convene a meeting to consider the conversion plan, and any eligible member entitled to vote on the proposed conversion plan may vote in person or by proxy at the meeting. Except as otherwise provided in the bylaws of the converting exchange, each eligible member may cast one vote.
(b) Adoption of the conversion plan requires the affirmative vote of at least two-thirds of the votes cast by eligible members.