Sec. 822.156. CERTIFICATE REQUIRED FOR AMENDMENT OF CHARTER TO AUTHORIZE SHARES WITHOUT PAR VALUE. (a) If a proposed amendment to the charter of an insurance company authorizes the issuance of shares of stock without par value, the insurance company must file with the department, at the time the proposed amendment is filed, a certificate authenticated by a majority of the directors stating:
(1) the number of shares without par value that are subscribed; and
(2) the consideration the company received for those shares.
(b) On receipt of the certificate, the commissioner shall examine the certificate. The commissioner shall certify and file the certificate if the commissioner approves the certificate.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle B - Organization of Regulated Entities
Subchapter D. Management of Company
Section 822.151. Conducting Shareholders Meeting
Section 822.152. Board of Directors
Section 822.153. Election of Directors
Section 822.155. Application for Amendment of Charter
Section 822.156. Certificate Required for Amendment of Charter to Authorize Shares Without Par Value
Section 822.157. Action by Commissioner After Filing of Application for Charter Amendment
Section 822.158. Determination on Application for Charter Amendment