Sec. 824.052. EFFECTIVE DATE OF CONSOLIDATION. (a) A new insurance corporation resulting from a plan of consolidation shall be issued a charter and a certificate of authority on: (1) submission of proper articles of incorporation to the commissioner; (2) approval by the commissioner in accordance with the procedures required for the issuance of a new charter; and (3) submission of proof that the new corporation has capital and surplus at least equal to that of the corporation that is a party to the consolidation and has the largest capital and surplus. (b) A consolidation takes effect on the date of issuance of the charter and certificate of authority under Subsection (a).
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.