Texas § 884.251 DEPOSIT OF COMPANY'S FUNDS.

Texas Statutes

§ 884.251 — DEPOSIT OF COMPANY'S FUNDS.

Texas § 884.251

Code INInsurance Code

This text of Texas § 884.251 (DEPOSIT OF COMPANY'S FUNDS.) 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. § 884.251 (2026).

Text

Sec. 884.251. DEPOSIT OF COMPANY'S FUNDS.

(a)A director, member of a committee, officer, or clerk of a stipulated premium company who has the duty of handling or investing the company's funds shall deposit or invest those funds in the corporate name of the company.

(b)An individual described by Subsection (a) may not:

(1)borrow the funds of the stipulated premium company;

(2)have an interest in any way in a loan, pledge, security, or property of the company, except as shareholder; or

(3)take or receive for the individual's use a fee, brokerage, commission, gift, or other consideration for, or on account of, a loan made by or on behalf of the company.

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Sec. 884.251. DEPOSIT OF COMPANY'S FUNDS. (a) A director, member of a committee, officer, or clerk of a stipulated premium company who has the duty of handling or investing the company's funds shall deposit or invest those funds in the corporate name of the company.
(b) An individual described by Subsection (a) may not:
(1) borrow the funds of the stipulated premium company;
(2) have an interest in any way in a loan, pledge, security, or property of the company, except as shareholder; or
(3) take or receive for the individual's use a fee, brokerage, commission, gift, or other consideration for, or on account of, a loan made by or on behalf of the company.