Sec. 822.152. BOARD OF DIRECTORS. (a) An insurance company organized under the laws of this state is managed by its board of directors.
(b) The board consists of not fewer than seven directors. A director:
(1) is not required to be a shareholder unless such a qualification is required by the articles of incorporation or bylaws of the company; and
(2) serves until the director's successor is elected and accepts the position.
(c) The board of directors may adopt bylaws and regulations as necessary to conduct the company's business. A majority of the board is a quorum.
(d) The board of directors shall keep a full and correct record of the board's transactions. The shareholders or other interested persons may inspect those records during business hours.
(e) The directors shall fill a vacancy that occurs on the board or in any office of the company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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