Sec. 887.502.  AUTHORIZATION TO CONVERT.  An association may convert to a stock legal reserve life insurance company if the association:
(1)  has at least $100,000 in the association's mortuary fund at the time of conversion;  and
(2)  except as provided by Section 887.508, possesses:
(A)  capital in an amount equal to at least $700,000 cash;  and
(B)  surplus in an amount equal to at least $700,000 cash.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.