Sec. 823.402.  PROHIBITION ON VOTING CERTAIN SECURITIES.  (a)  A security that is the subject of an agreement or arrangement regarding an acquisition or that is acquired or to be acquired in violation of this chapter or a rule or order under this chapter may not be voted at a shareholders' meeting or counted for quorum purposes.  An action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the security was not outstanding.
(b)  An action taken at a shareholders' meeting is not invalidated by the voting of a security to which Subsection (a) applies unless:
(1)  the action would materially affect control of the insurer;  or
(2)  a court of this state invalidates the action.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.