Sec. 822.057. APPLICATION FOR CHARTER. (a) To obtain a charter for an insurance company, the incorporators must pay to the department the fees prescribed by law and file with the department:
(1) an application for charter on the form and containing the information prescribed by the commissioner;
(2) the company's proposed articles of incorporation;
(3) an affidavit made by the incorporators or officers of the company that states that:
(A) the capital and surplus is the bona fide property of the company; and
(B) the information in the articles of incorporation is true and correct; and
(4) if the application provides for the issuance of shares of stock without par value, a certificate authenticated by the incorporators stating:
(A) the number of shares without par value that are subscribed; and
(B) the actual consideration received by the company for those shares.
(b) If the commissioner is not satisfied with the affidavit filed under Subsection (a)(3), the commissioner may require that the incorporators provide at their expense additional evidence of a matter required in the affidavit before the commissioner:
(1) receives the proposed articles of incorporation or the application for charter; or
(2) issues a certificate of authority to the company.
(c) Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(1), eff. June 19, 2009.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 4, eff. June 19, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 19(1), eff. June 19, 2009.
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