Sec. 829.054. SUBSCRIPTION RIGHTS; TAX-QUALIFIED EMPLOYEE BENEFIT PLAN. The conversion plan may allocate to a tax-qualified employee benefit plan nontransferable subscription rights to purchase not more than 10 percent of the capital stock of the resulting company. Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007. SUBCHAPTER C. PLAN ADOPTION AND APPROVAL
Subscription Rights; Tax-Qualified Employee Benefit Plan
Tex. Insurance Code § 829.054, under Conversion of Reciprocal Or Interinsurance Exchange To Stock Company Through Creation of A Mutual Holding Company.
Tex. Insurance Code § 829.054