Sec. 2552.054. REACQUISITION OF SHARES. (a) The capital shares of an attorney's title insurance company are subject to the right of reacquisition of the shares by the attorney's title insurance company in the event of:
(1) the death of the attorney shareholder;
(2) the failure of the attorney shareholder to remain a licensed member of the State Bar of Texas; or
(3) the failure of the attorney shareholder to remain appointed and qualified to be appointed a title attorney under this chapter.
(b) An attorney's title insurance company must reacquire a deceased attorney shareholder's shares within nine months of the attorney shareholder's death.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
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