{"data":{"id":"us-tx/tex.-insurance-code-826.053","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 826.053","heading":"SALE OF CAPITAL STOCK.","body":"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:\n(1) sold or distributed to a holder of surplus notes of the converting company; or\n(2) subscribed to by:\n(A) a tax-qualified employee benefit plan under Section 826.059;\n(B) a director or officer under Section 826.056(b); or\n(C) an eligible member exercising subscription rights under Section 826.058.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE B. ORGANIZATION OF REGULATED ENTITIES","CHAPTER 826. CONVERSION OF MUTUAL INSURANCE COMPANY TO STOCK INSURANCE COMPANY","SUBCHAPTER B. CONVERSION PLAN ADOPTION AND REQUIREMENTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.826.htm#826.053","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"c13bf20748f0e931841ebd03436c3b451de66e11289cd47cb75bc447953430cf","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-826.052","next":"us-tx/tex.-insurance-code-826.054"},"notice":"GroundRules: Original legal text. Not legal advice."}