Tex. Ins. Code § 912.061 - Application For Extension Of Charter; Term

Cite as:Tex. Ins. Code § 912.061
Currency:Current with legislation from the 2019 Regular Session effective as of September 1, 2019
 
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(a) Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire.

(b) The application for an extension must:

(1) demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting;

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