Sec. 884.061. ORGANIZATIONAL MEETING. (a) After receipt of the certified copy of documents under Section 884.059(c), the incorporators shall promptly call a meeting of the stipulated premium company's shareholders. The shareholders shall:
(1) adopt bylaws to govern the company; and
(2) elect the company's initial board of directors.
(b) The directors elected under this section serve until directors are first elected under Section 884.153.
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 884 - Stipulated Premium Insurance Companies
Subchapter B. Formation and Structure of Stipulated Premium Insurance Company
Section 884.051. Formation of Company
Section 884.052. Articles of Incorporation
Section 884.053. Company's Name
Section 884.054. Capital Stock and Surplus Requirements
Section 884.055. Shares of Stock
Section 884.056. Application for Charter
Section 884.057. Action by Commissioner and Department After Filing
Section 884.058. Examination After Determination
Section 884.059. Action on Application