Texas § IN.826.061 - ALTERNATE CONVERSION PLAN
Full text of Texas The Texas Constitution § IN.826.061 — ALTERNATE CONVERSION PLAN, with citation guidance and answers to common questions.
§ IN.826.061. ALTERNATE CONVERSION PLAN
ALTERNATE CONVERSION PLAN. (a) The board of directors may adopt a conversion plan that does not rely in whole or in part on the issuance of nontransferable subscription rights to members to purchase stock of the resulting company if the commissioner determines that the plan: (1) complies with this chapter; (2) is fair and equitable; and (3) permits the resulting company to satisfy the requirements in effect on the date of the determination for a certificate of authority applicable to a domestic stock insurance company. (b) The conversion plan may: (1) include the merger of a domestic mutual insurance company with a domestic or foreign stock insurance company; (2) provide for issuing stock, cash, or other consideration to members instead of subscription rights; (3) provide for the formation of a mutual holding company under Subchapter E; or (4) establish another plan containing other provisions approved by the commissioner. (c) The commissioner may retain, at the converting company's expense, a qualified expert who is not a member of the commissioner's staff to assist in reviewing whether the conversion plan meets the requirements for approval by the commissioner. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. SUBCHAPTER C. ADOPTION OF CONVERSION PLAN
Frequently Asked Questions About Texas § IN.826.061
What does The Texas Constitution § IN.826.061 cover?
Section IN.826.061 ("ALTERNATE CONVERSION PLAN") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.826.061?
A common citation format is "The Texas Constitution § IN.826.061" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.826.061 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.