Texas Insurance Code 2551.056 – Regulation of Certain Corporations
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(a) A corporation incorporated under Subdivision 57, Article 1302, Revised Statutes, before February 27, 1929, and engaging in business in this state on February 27, 1929:
(1) may continue to engage in business;
(2) is subject to this title; and
(3) shall comply with the requirements of this title regarding investments and deposits.
(b) A shareholder in a company acting under this title is not liable in the event of default in the payment of any debt or liability of the company beyond the shareholder’s subscription for stock.
Terms Used In Texas Insurance Code 2551.056
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.