Sec. 881.052. APPLICABILITY OF TEXAS NON-PROFIT CORPORATION ACT. (a) Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to a statewide mutual assessment company. The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to statewide mutual assessment companies.
(b) On advance approval of the commissioner, a statewide mutual assessment company may pay dividends to its members.
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 E - Mutual and Fraternal Companies and Related Entities
Chapter 881 - Statewide Mutual Assessment Companies
Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies
Section 881.051. Authority to Act as Statewide Mutual Assessment Company
Section 881.052. Applicability of Texas Non-Profit Corporation Act
Section 881.053. Separate Groups, Clubs, or Classes
Section 881.054. Minimum Membership Required
Section 881.055. Use of Company Name
Section 881.056. Issuance of Certificate or Policy to Separate Groups, Clubs, or Classes