Texas § IN.826.106 - INSOLVENT CONVERTING COMPANY
Full text of Texas The Texas Constitution § IN.826.106 — INSOLVENT CONVERTING COMPANY, with citation guidance and answers to common questions.
§ IN.826.106. INSOLVENT CONVERTING COMPANY
INSOLVENT CONVERTING COMPANY; NOTICE REQUIREMENTS. If a converting company is insolvent or, in the judgment of the commissioner, is in hazardous financial condition, its board of directors, by a majority vote, may request in its submission to the commissioner a waiver of the requirements for notice to and approval of the proposed conversion by eligible members. The request must specify: (1) the method and basis for the issuance of the resulting company's shares of its capital stock to an independent party in connection with an investment by the independent party in an amount sufficient to restore the resulting company to a sound financial condition; and (2) that the conversion is to be accomplished without payment of consideration to past, present, or future policyholders if the commissioner determines that the value of the converting company is insufficient to justify that payment. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.826.106
What does The Texas Constitution § IN.826.106 cover?
Section IN.826.106 ("INSOLVENT CONVERTING COMPANY") 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.826.106?
A common citation format is "The Texas Constitution § IN.826.106" (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.826.106 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.