Section 826.204 - Membership Interests(a) The membership interests of the policyholders of the resulting company become membership interests in the mutual holding company. Eligible members of the converting company become members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company.(b) A membership interest in a mutual holding company does not constitute a security as defined by Section 4001.068, Government Code . Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 2.30, eff. 1/1/2022.Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.