Sec. 826.053. SALE OF CAPITAL STOCK. 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. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Sale of Capital Stock
Tex. Insurance Code § 826.053, under Conversion of Mutual Insurance Company To Stock Insurance Company.
Tex. Insurance Code § 826.053