Texas Insurance Code 884.153 – Election of Directors
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(a) On the second Tuesday of April of each year the shareholders of a stipulated premium company shall meet at the company’s home office and shall elect the company’s board of directors to serve one-year terms beginning immediately after the election.
(b) If the shareholders do not elect directors at that meeting, the shareholders may elect the directors at a special shareholders’ meeting called for that purpose.
Terms Used In Texas Insurance Code 884.153
- Year: means 12 consecutive months. See Texas Government Code 311.005