Texas Insurance Code 842.156 – Compensation of Certain Officers and Employees
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Terms Used In Texas Insurance Code 842.156
- 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.
A paid officer or employee of a group hospital service corporation may not receive more than $20,000 annually as compensation for the officer’s or employee’s services unless a higher amount is first authorized by a vote of:
(1) the board of directors of the corporation; or
(2) a committee of the board of directors that is charged with the duty of authorizing that compensation.