Texas Insurance Code 886.102 – Applicability of Texas Non-Profit Corporation Act
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(a) Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes) applies to a local mutual aid association. The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to local mutual aid associations.
(b) On advance approval of the commissioner, a local mutual aid association may pay dividends to its members.
Terms Used In Texas Insurance Code 886.102
- 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.