Sec. 887.502. AUTHORIZATION TO CONVERT. An association may convert to a stock legal reserve life insurance company if the association:
(1) has at least $100,000 in the association's mortuary fund at the time of conversion; and
(2) except as provided by Section 887.508, possesses:
(A) capital in an amount equal to at least $700,000 cash; and
(B) surplus in an amount equal to at least $700,000 cash.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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