Sec. 825.103. DISTRIBUTION OF DIVIDENDS. After conversion, the converting company shall annually distribute among its policyholders, under terms approved by the commissioner, dividends or earnings accruing to the converting company as the result of the acquisition of shares of the converting company's stock under this chapter.
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
Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company
Subchapter C. Acquisition of Shares
Section 825.101. Issuance of Annuity Bonds in Payment of Stock
Section 825.102. Acquisition in Trust
Section 825.103. Distribution of Dividends
Section 825.104. Conversion Complete on Cancellation of Stock; Application of Certain Laws