Tex. Ins. Code Section 911.067
Application for Extension of Charter for Certain Companies; Term

(a)

Before a farm mutual insurance company’s charter expires, the company may apply to the department for an extension of the company’s charter if:

(1)

the company was chartered, holding a certificate of authority, and operating before May 21, 1973, under Chapter 16, Insurance Code, as it existed on that date; or

(2)

the company was organized and engaging in business before April 6, 1937, and the company continues to engage in business.

(b)

A farm mutual insurance company described by Subsection (a) and whose charter has expired may apply to the department to have the charter extended perpetually if the company is engaged in business in this state.

(c)

The term of the charter begins on the date that the charter is extended or, if the original charter expired before the charter is extended, the date the original charter expired.

(d)

An application for an extension must be authorized by either a two-thirds majority vote of the company’s directors or by a simple majority vote of those voting at a policyholders’ meeting and must:

(1)

state in full the charter to be extended;

(2)

state the period for which the charter is to be extended; and

(3)

be signed and acknowledged by the president and secretary of the company.

(e)

A company whose charter is extended retains the rights, privileges, and immunities granted the company under the company’s original charter.

(f)

The department shall charge and collect a fee of $10 for the extension of a farm mutual insurance company’s charter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 911.067 — Application for Extension of Charter for Certain Companies; Term, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­911.­htm#911.­067 (accessed Jun. 5, 2024).

911.001
Limited Exemption from Insurance Laws 911.002
General Rulemaking Authority 911.003
Fees 911.051
Applicability of Texas Non-profit Corporation Act 911.052
Formation of Company: Incorporation Required 911.053
Incorporation Requirements 911.054
Charter and Articles of Incorporation 911.055
Application for Permit to Solicit Insurance 911.056
Issuance of Permit to Solicit Insurance 911.057
Collection and Refund of Money from Certain Individuals Applying for Insurance 911.058
Membership Control of Company 911.059
Eligibility of Board of Directors 911.060
General Powers of Board of Directors 911.061
Authority to Borrow Money 911.062
Removal of Officer or Director 911.063
Creation of Local Chapters and Districts 911.064
Policyholder Meetings 911.065
Voting by Policyholder 911.066
Authority to Prohibit Waiver of Bylaws 911.067
Application for Extension of Charter for Certain Companies 911.101
Authority to Engage in Business 911.151
Kinds of Insurance Authorized 911.152
Property and Hazards Against Which Company May Not Insure 911.153
Contract Terms: Incorporation of Bylaws 911.154
Contract Terms: Adoption of Additional Provisions 911.155
Repair or Replacement of Insured Property 911.201
Payment of Premium or Assessment 911.202
Nonpayment of Premiums or Assessments: Filing of Action 911.203
Policyholder Liability 911.251
Licensing and Appointment of Certain Agents 911.301
General Operating Requirements 911.302
Location of Business 911.303
Reinsurance 911.304
Annual Reports Required 911.305
Examination of Company 911.306
Solvency Requirements 911.307
Reserve Requirements 911.308
Surplus Requirements
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Accessed:
Jun. 5, 2024

§ 911.067’s source at texas​.gov