Texas Insurance Code 881.052 – Applicability of Texas Non-Profit Corporation Act
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(a) Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes) applies to a statewide mutual assessment company. The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to statewide mutual assessment companies.
(b) On advance approval of the commissioner, a statewide mutual assessment company may pay dividends to its members.
Terms Used In Texas Insurance Code 881.052
- 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.