Sec. 883.056. BOARD OF DIRECTORS. (a) The board of directors named in a mutual insurance company's articles of incorporation shall manage the company until the initial meeting of the members of the company.
(b) After a mutual insurance company is issued a certificate of authority, the company's board of directors may:
(1) adopt bylaws;
(2) accept applications for insurance; and
(3) transact the business of the company.
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 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies
Subchapter B. Formation, Structure, and Management of Company
Section 883.051. Formation of Company
Section 883.052. Articles of Incorporation
Section 883.053. Company's Name
Section 883.054. Location of Principal or Home Office
Section 883.055. Beginning of Corporate Existence
Section 883.056. Board of Directors
Section 883.057. Membership of Public or Private Entities in Company Authorized