SALE OF CAPITAL STOCK.
Tex. INS Code § 826.053.
in effectA conversion plan must provide that shares of capital stock of the resulting company shall be sold in a private placement, public offering, or an alternative method approved by the commissioner unless the shares are:
(1) sold or distributed to a holder of surplus notes of the converting company; or
(2) subscribed to by:
(A) a tax-qualified employee benefit plan under Section 826.059 ;
(B) a director or officer under Section 826.056 (b); or
(C) an eligible member exercising subscription rights under Section 826.058 .
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.