Sec. 911.061. AUTHORITY TO BORROW MONEY. (a) The board of directors of a farm mutual insurance company, acting through its authorized officers, may borrow money in an amount determined to be necessary to pay the company's accrued or unaccrued losses.
(b) The board may pledge as security for a loan the assets of the company, including the contingent liability of its policyholders.
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 F - Farm and County Mutual Insurance Companies
Chapter 911 - Farm Mutual Insurance Companies
Subchapter B. Organization of Farm Mutual Insurance Company; Directors
Section 911.051. Applicability of Texas Non-Profit Corporation Act
Section 911.052. Formation of Company: Incorporation Required
Section 911.053. Incorporation Requirements
Section 911.054. Charter and Articles of Incorporation
Section 911.055. Application for Permit to Solicit Insurance
Section 911.056. Issuance of Permit to Solicit Insurance; Term
Section 911.057. Collection and Refund of Money From Certain Individuals Applying for Insurance
Section 911.058. Membership Control of Company
Section 911.059. Eligibility of Board of Directors; Term
Section 911.060. General Powers of Board of Directors
Section 911.061. Authority to Borrow Money
Section 911.062. Removal of Officer or Director
Section 911.063. Creation of Local Chapters and Districts
Section 911.064. Policyholder Meetings
Section 911.065. Voting by Policyholder
Section 911.066. Authority to Prohibit Waiver of Bylaws
Section 911.067. Application for Extension of Charter for Certain Companies; Term