Texas Insurance Code 822.151 – Conducting Shareholders Meeting
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(a) Except as otherwise provided by this code, at a meeting of an insurance company’s shareholders to elect the company’s board of directors or to transact other company business, a quorum is any number of shareholders whose cumulative ownership in the company represents at least 51 percent of the company’s stock.
(b) A shareholder may vote in person or by proxy.
Terms Used In Texas Insurance Code 822.151
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Quorum: The number of legislators that must be present to do business.