SUBCHAPTER B. STRUCTURE AND OPERATION OF STATEWIDE MUTUAL ASSESSMENT COMPANIES

Sec. 881.051.  AUTHORITY TO ACT AS STATEWIDE MUTUAL ASSESSMENT COMPANY.  A corporation may engage in business as a statewide mutual assessment company only if the corporation:
(1)  was incorporated in this state under a law that was amended, repealed, or reenacted before June 20, 1933;
(2)  was engaged in business as a statewide mutual assessment company in this state on December 31, 1932;
(3)  does not have capital stock;  and
(4)  is not for profit.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.