Texas § IN.884.252 - PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES
Full text of Texas The Texas Constitution § IN.884.252 — PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES, with citation guidance and answers to common questions.
§ IN.884.252. PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES
PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES. (a) Unless first authorized by a vote of a stipulated premium company's board of directors or a committee of the board that has the duty of authorizing the payment, the company may not pay: (1) any compensation or emolument to an officer or director of the company; or (2) compensation or emolument in an amount that exceeds $50,000 in any year to an individual, firm, or corporation that is not an officer or director of the company. (b) This section does not prevent a stipulated premium company from contracting with its agents for the payment of renewal commissions. (c) The shareholders of a stipulated premium company may authorize the creation of one or more plans for the payment of pensions, retirement benefits, or group insurance for its officers and employees. The shareholders may delegate to the company's board of directors the power and duty to prepare, effect, finally approve, administer, and amend a plan. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § IN.884.252
What does The Texas Constitution § IN.884.252 cover?
Section IN.884.252 ("PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES") 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.884.252?
A common citation format is "The Texas Constitution § IN.884.252" (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.884.252 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.