Sec. 861.153. AUTHORIZED SHARES. (a) A general casualty company may increase or decrease its capital stock after:
(1) the intent to increase the stock is ratified by a two-thirds vote of the shareholders or the intent to decrease the stock is ratified by a majority vote of the shareholders; and
(2) notice of the intent to increase or decrease the stock is published in a newspaper of general circulation for five consecutive days.
(b) An increase in capital stock must be equal to an amount of at least $50,000.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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