Texas Insurance Code - Not Codified - Article 4.60. Distributions; Repayment Of Debt
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Art. 4.60. DISTRIBUTIONS; REPAYMENT OF DEBT. (a) A
certified capital company may make a qualified distribution at any
time. To make a distribution or payment, other than a qualified
distribution, a company must have made qualified investments in an
amount cumulatively equal to 100 percent of its certified capital.
(b) Notwithstanding Subsection (a) of this article, a
company may make repayments of principal and interest on its
indebtedness without any restriction, including repayments of
indebtedness of the company on which certified investors earned
premium tax credits.
(c) If a business in which a qualified investment is made
relocates its principal business operations to another state during
the term of the certified capital company's investment in the
business, the cumulative amount of qualified investments made by
the certified capital company for purposes of satisfying the
requirements of Subsection (a) of this article only is reduced by
the amount of the certified capital company's qualified investments
in the business that has relocated. This subsection does not apply
if the business demonstrates that it has returned its principal
business operations to this state not later than the 90th day after
the date of its relocation.
Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.
Article: 4.53 4.54 4.55 4.56 4.57 4.58 4.59 4.60 4.61 4.62 4.63 4.64 4.65 4.66 4.67
Last modified: August 11, 2007
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