Texas Insurance Code 861.152 – General Powers of Company
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 861.152
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
A general casualty company may:
(1) sue or be sued in the name of the company;
(2) make or enforce contracts in relation to the business of the company;
(3) have and use a common seal;
(4) in its own name, or through a trustee chosen by the board of directors, acquire, purchase, hold, and dispose of real and personal property to further the purposes of the company; and
(5) through its board of directors, trustees, or managers, adopt and amend bylaws that include provisions establishing the qualifications, duties, and terms of office of and the manner of electing directors, trustees, or managers and officers of the company.