{"data":{"id":"us-tx/tex.-insurance-code-826.055","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 826.055","heading":"LIMITATION ON ACQUISITION OF CAPITAL STOCK.","body":"(a) The conversion plan must provide that a person or group of persons acting in concert may not acquire, in the public or private offering or through the exercise of subscription rights, more than 10 percent of the capital stock of the resulting company except with the approval of the commissioner.\n(b) This section does not apply to an entity that purchases 100 percent of the capital stock of the resulting company as part of the conversion plan approved by the commissioner.\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#826.055","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"9a23ac7a867957c00bd6f1f275103cb7d991cce151b79ae8852a1f8b975635e0","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-826.054","next":"us-tx/tex.-insurance-code-826.056"},"notice":"GroundRules: Original legal text. Not legal advice."}