LegalFix
Sign In

Section 824.002. Procedures; Applicability of Texas Business Corporation Act

TX Ins Code § 824.002 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 824.002. PROCEDURES; APPLICABILITY OF TEXAS BUSINESS CORPORATION ACT. (a) To the extent that the provisions of the Texas Business Corporation Act are not inconsistent with the provisions of this code, the Texas Business Corporation Act governs:

(1) the procedures for a merger or consolidation under this chapter;

(2) the effect of a merger or consolidation under this chapter; and

(3) the rights and duties of creditors, shareholders, and the corporations that are involved in a merger or consolidation under this chapter.

(b) To the extent that the Texas Business Corporation Act applies under this chapter to insurance corporations, the commissioner shall perform each duty, exercise each power, and perform each act vested in, required of, or to be performed by the secretary of state under the Texas Business Corporation Act.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Previous Section
Section 824.001. Authority to Merge or Consolidate
Next Section
Section 824.003. Proposed Plan of Merger or Consolidation; Approval of Directors and Shareholders