Sec. 887.509. LIMITS ON OPERATION OF CONVERTED ASSOCIATION. Unless the association increases the association's capital and surplus to the minimum capital and surplus required for the organization of a stock legal reserve life insurance company under Chapter 841 , an association that converts to a stock legal reserve life insurance company under this subchapter may not: (1) operate in a territory as to which the association was not authorized under the converted association's previous charter or articles of association; (2) insure a life for more than $5,000 in event of death; or (3) declare or pay cash dividends.
‹ 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.