Texas § 861.153 AUTHORIZED SHARES.

Texas Statutes

§ 861.153 — AUTHORIZED SHARES.

Texas § 861.153

Code INInsurance Code

This text of Texas § 861.153 (AUTHORIZED SHARES.) 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. § 861.153 (2026).

Text

Sec. 861.153. AUTHORIZED SHARES.

(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.

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Sec. 861.153. AUTHORIZED SHARES. (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.