Section 829.152 - Membership Interests(a) The membership interests of the policyholders of the resulting company become membership interests in the mutual holding company. Members of the converting exchange 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. 2.32, eff. 1/1/2022.Added by Acts 2007, 80th Leg., R.S., Ch. 412, Sec. 1, eff. 6/15/2007.