Sec. 882.152. ADOPTION OF INITIAL BYLAWS. (a) At the first meeting of the initial board of directors of a mutual life insurance company after the department issues a certificate of authority to the company, the board shall adopt the initial bylaws of the company.
(b) The bylaws adopted under Subsection (a) shall govern the company until the first annual meeting of the board of directors.
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 882 - Mutual Life Insurance Companies
Subchapter D. Management of Mutual Life Insurance Company
Section 882.151. Board of Directors
Section 882.152. Adoption of Initial Bylaws
Section 882.153. Annual Meeting
Section 882.154. Staggered Terms for Large Board of Directors
Section 882.155. Voting by Policyholders