Insurance Code § 885.063

A domestic fraternal benefit society may not merge with or accept a transfer of another society’s membership or funds unless there is a written contract and the required filings are made; the commissioner must review the submission and approve it if the listed conditions are met.

Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
Official source: View official record ↗

corporate transactions fund transfer membership transfer merger

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Provisions of Insurance Code § 885.063

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885.063
Insurance Code § 885.063
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A domestic fraternal benefit society may not merge with or accept a transfer of another society’s membership or funds unless there is a written contract and the required filings are made; the commissioner must review the submission and approve it if the listed conditions are met.

Sec. 885.063. MERGER OR TRANSFER OF MEMBERSHIP OR FUNDS. (a) A domestic fraternal benefit society may not merge with or accept a transfer of the membership or funds of another fraternal benefit society unless: (1) the merger or transfer is evidenced by a written contract that fully sets out the terms of the merger or transfer; and (2) the societies file with the department: (A) a copy of the contract; (B) a sworn statement of the financial condition of each society by its president and secretary or corresponding officers; and (C) a certificate of those officers, verified under oath, that the merger or transfer has been approved by a vote of two-thirds of the members of the supreme governing body of each society. (b) On submission, the commissioner shall examine the contract, financial statements, and certificates. The commissioner shall approve the merger or transfer and issue a certificate to that effect if the commissioner determines that: (1) the contract conforms with this section and Section 885.052(d); (2) the financial statements are correct; (3) the merger or transfer is just and equitable to the members of each society; and (4) the new or surviving society complies with each requirement of a fraternal benefit society under this chapter. (c) A contract of merger or transfer takes effect on issuance of a certificate under Subsection (b). Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. SUBCHAPTER C. MEMBERS

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Insurance Code § 885.063

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Provisions of Insurance Code § 885.063

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