Tex. Ins. Code § 826.059

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 826.059 - Subscription Rights; Tax-Qualified Employee Benefit Plan

The conversion plan may allocate to a tax-qualified employee benefit plan nontransferable subscription rights to purchase not more than 10 percent of the capital stock of the resulting company.

Tex. Ins. Code § 826.059

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.