Texas Insurance Code 912.051 – 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 county mutual insurance company. 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 county mutual insurance companies.
(b) On advance approval of the commissioner, a county mutual insurance company may pay dividends to its members.
Terms Used In Texas Insurance Code 912.051
- 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.