Insurance Code § 912.061

Sec. 912.061. APPLICATION FOR EXTENSION OF CHARTER; TERM. (a) Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire. (b) The application for an extension must: (1) demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting; (2) state in full the charter to be extended; (3) state the period for which the charter is to be extended; (4) be signed and acknowledged by the president and secretary of the company; and (5) be accompanied by a fee of $50. (c) A company whose charter is extended retains the rights, privileges, and immunities granted a county mutual insurance company by this chapter. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. SUBCHAPTER C. AUTHORITY TO ENGAGE IN BUSINESS IN THIS STATE