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Texas Insurance Code - INS § 826.053. Sale of Capital Stock

Current as of January 01, 2024 | Updated by Findlaw Staff

A conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:

(1) sold or distributed to a holder of surplus notes of the converting company;  or

(2) subscribed to by:

(A) a tax-qualified employee benefit plan under Section 826.059;

(B) a director or officer under Section 826.056(b);  or

(C) an eligible member exercising subscription rights under Section 826.058.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 826.053. Sale of Capital Stock - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-826-053/

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