Texas Insurance Code 885.461 – Social or Charitable Clubs Formed by Members of Converted Fraternal Benefit Society
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Terms Used In Texas Insurance Code 885.461
- 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.
The members of a converted fraternal benefit society or the policyholders in the new corporation may form local clubs for social and charitable purposes. A club formed under this section:
(1) may not be connected with the management of the corporation; and
(2) does not affect the corporation’s liability or the insurance in effect.