Texas Insurance Code - Section 462.005. Description Of Control
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§ 462.005. DESCRIPTION OF CONTROL. (a) For purposes of
this chapter, control is the power to direct, or cause the direction
of, the management and policies of a person, other than power that
results from an official position with the person or a corporate
office held by the person. The power may be possessed directly or
indirectly by any means, including through the ownership of voting
securities or by contract, other than a commercial contract for
goods or nonmanagement services.
(b) A person is presumed to control another person if the
person directly or indirectly owns, controls, holds with the power
to vote, or holds proxies representing 10 percent or more of the
voting securities of the other person. This presumption may be
rebutted by a showing that the person does not in fact control the
other person.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 461.001 461.002 461.003 462.001 462.002 462.003 462.004 462.005 462.006 462.007 462.008 462.009 462.010 462.011 462.012
Last modified: August 11, 2007
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