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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
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Subtitle B. ORGANIZATION OF REGULATED ENTITIES |
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Chapter 826. CONVERSION OF MUTUAL INSURANCE COMPANY TO STOCK INSURANCE COMPANY |
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Subchapter A. GENERAL PROVISIONS |
Sec. 826.005. CORPORATE EXISTENCE
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(a) On the effective date of a conversion under this chapter:
(1) the corporate existence of the converting company continues in the resulting company;
(2) all assets, rights, franchises, and interests of the converting company in and to property and any accompanying thing in action are vested in the resulting company without a deed or transfer; and
(3) the resulting company assumes all the obligations and liabilities of the converting company.
(b) Except as otherwise specified by the conversion plan, the directors and officers of the converting company serving on the effective date of the conversion serve as directors and officers of the resulting company until new directors and officers are elected under the articles of incorporation and bylaws of the resulting company.