APPLICABILITY OF TEXAS NON-PROFIT CORPORATION ACT.
Tex. INS Code § 881.052.
in effect(a) Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to a statewide mutual assessment company. The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to statewide mutual assessment companies.
(b) On advance approval of the commissioner, a statewide mutual assessment company may pay dividends to its members.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.