Tex. Ins. Code Section 861.153
Authorized Shares

(a)

A general casualty company may increase or decrease its capital stock after:

(1)

the intent to increase the stock is ratified by a two-thirds vote of the shareholders or the intent to decrease the stock is ratified by a majority vote of the shareholders; and

(2)

notice of the intent to increase or decrease the stock is published in a newspaper of general circulation for five consecutive days.

(b)

An increase in capital stock must be equal to an amount of at least $50,000.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 861.153 — Authorized Shares, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­861.­htm#861.­153 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 861.153’s source at texas​.gov