Texas Insurance Code 884.055 – Shares of Stock
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(a) The shares of stock of a stipulated premium company must have a par value of not less than $1 or more than $100.
(b) A stipulated premium company may issue and dispose of authorized shares for money or an instrument authorized for minimum capital under § 884.054(d). After the company receives payment for a share of stock, the share is nonassessable.
Terms Used In Texas Insurance Code 884.055
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
(c) If all of the shares of stock authorized by the charter or an amendment to the charter are not subscribed and paid for when the charter is granted or the amendment is filed, respectively, the stipulated premium company shall file with the department a certificate authenticated by a majority of the directors stating the number of shares issued and the consideration received for those shares. The company shall file the certificate not later than the 90th day after the date of issuance of any of those remaining shares.