Sec. 826.053.  SALE OF CAPITAL STOCK.  A 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.