Sec. 829.054. SUBSCRIPTION RIGHTS; TAX-QUALIFIED EMPLOYEE BENEFIT PLAN. The conversion plan may allocate to a tax-qualified employee benefit plan nontransferable subscription rights to purchase not more than 10 percent of the capital stock of the resulting company.
Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle B - Organization of Regulated Entities
Subchapter B. Mutual Holding Company Structure
Section 829.051. Capital Stock Held by Mutual Holding Company
Section 829.052. Limitation on Acquisition of Capital Stock
Section 829.053. Directors and Officers
Section 829.054. Subscription Rights; Tax-Qualified Employee Benefit Plan