Sec. 882.056. APPLICATION FOR CHARTER. (a) To obtain a charter for a mutual life insurance company under this chapter, the incorporators must pay the charter fee in the amount determined under Chapter 202 and file with the department:
(1) an application for charter on the form and including the information prescribed by the commissioner;
(2) the company's articles of incorporation; and
(3) an affidavit made by two or more of the incorporators that states that:
(A) the unencumbered surplus requirements of Section 882.055 are satisfied;
(B) the unencumbered surplus is the bona fide property of the company; and
(C) the information in the application and articles of incorporation is true and correct.
(b) The commissioner may require that the incorporators provide at their expense additional evidence of a matter required in the affidavit before the commissioner takes further action on the application for the charter.
(c) The charter must state the name of each director who is to serve until the first annual election.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.074, eff. April 1, 2009.
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