(a) At a meeting of a domestic insurance company’s shareholders, each shareholder is entitled to one vote for each fully paid up share of stock appearing in the shareholder’s name on the company’s books, except to the extent that the articles of incorporation increase, limit, or deny voting rights to the holders of the shares of a class of stock as authorized by the Texas Business Corporation Act.
(b) A shareholder may vote in person or by written proxy.

Terms Used In Texas Insurance Code 841.151

  • 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.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
  • Quorum: The number of legislators that must be present to do business.
  • Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005

(c) At a shareholders’ meeting, a quorum is any number of shareholders whose cumulative stock ownership in the domestic insurance company represents a majority of the company’s paid up capital stock.

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