Tex. Ins. Code Section 826.053
Sale of Capital Stock

A conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:

(1)

sold or distributed to a holder of surplus notes of the converting company; or

(2)

subscribed to by:

(A)

a tax-qualified employee benefit plan under Section 826.059 (Subscription Rights; Tax-qualified Employee Benefit Plan);

(B)

a director or officer under Section 826.056 (Directors and Officers)(b); or

(C)

an eligible member exercising subscription rights under Section 826.058 (Subscription Rights; General Provisions).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 826.053 — Sale of Capital Stock, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­826.­htm#826.­053 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 826.053’s source at texas​.gov