Texas Insurance Code 824.002 – Procedures; Applicability of Texas Business Corporation Act
(a) To the extent that the provisions of the Texas Business Corporation Act are not inconsistent with the provisions of this code, the Texas Business Corporation Act governs:
(1) the procedures for a merger or consolidation under this chapter;
(2) the effect of a merger or consolidation under this chapter; and
(3) the rights and duties of creditors, shareholders, and the corporations that are involved in a merger or consolidation under this chapter.
(b) To the extent that the Texas Business Corporation Act applies under this chapter to insurance corporations, the commissioner shall perform each duty, exercise each power, and perform each act vested in, required of, or to be performed by the secretary of state under the Texas Business Corporation Act.
Terms Used In Texas Insurance Code 824.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.