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Tex. Ins. Code § 887.155

TRANSFER OF MEMBERSHIP OR MERGER OF CLASSES

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff

(a) Without advance approval of the department, an association may not:

(1) transfer any part or class of membership or all membership to another association; or

(2) merge classes or transfer a member from one class to another in the association.

(b) The department may grant approval under Subsection (a) only after the department:

(1) completely investigates the facts; and

(2) determines that the proposed merger or transfer is to the advantage of the members or classes affected by the merger or transfer.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.