Texas Insurance Code - Section 425.007. Subscription To Or Underwriting Purchase Or Sale Of Securities Or Property Prohibited; Control Of Disposition Of Property
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§ 425.007. SUBSCRIPTION TO OR UNDERWRITING PURCHASE OR
SALE OF SECURITIES OR PROPERTY PROHIBITED; CONTROL OF DISPOSITION
OF PROPERTY. (a) A life insurance company organized under the laws
of this state may not:
(1) subscribe to, or participate in, any underwriting
of the purchase or sale of securities or property;
(2) enter into a transaction described by Subdivision
(1) for a purpose described by Subdivision (1);
(3) sell on account of the company jointly with any
other person, firm, or corporation; or
(4) enter into any agreement to withhold from sale any
of the company's property.
(b) The disposition of the life insurance company's
property must be at all times within the control of the company's
board of directors.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.218 425.001 425.002 425.003 425.004 425.005 425.006 425.007 425.008 425.009 425.051 425.052 425.053 425.054 425.055
Last modified: August 11, 2007
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