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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 11. TITLE INSURANCE |
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Subtitle B. ORGANIZATION OF TITLE INSURANCE COMPANIES |
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Chapter 2552. ATTORNEY'S TITLE INSURANCE COMPANIES AND TITLE ATTORNEYS |
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Subchapter B. ORGANIZATION OF ATTORNEY'S TITLE INSURANCE COMPANY |
Sec. 2552.052. CAPITAL SHARE AND SURPLUS REQUIREMENTS GENERALLY
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(a) At the time of organization, an attorney's title insurance company must have the capital and surplus required of a title insurance company under Section 2551.053(a).
(b) The capital shares of an attorney's title insurance company may be issued for a par value of $100 or more per share and in one or more classes.
(c) The capital shares, regardless of class, must be subscribed and paid for and owned by and issued to licensed members of the State Bar of Texas, each of whom is a resident of this state and is qualified to be appointed a title attorney under this chapter, subject to the right of reacquisition under Section 2552.054.
(d) Each certificate evidencing any share must have endorsed on the certificate provisions relating to limitation on the alienation of the shares indicating that the shares may be owned only by qualifying attorneys or the attorney's title insurance company issuing the shares.
(e) The requirements prescribed by Subsections (a), (c), and (d) do not apply to an attorney's title insurance company described by Section 2552.053 or to capital shares of an attorney's title insurance company owned under that section.