Sec. 912.061.  APPLICATION FOR EXTENSION OF CHARTER;  TERM.  (a)  Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire.
(b)  The application for an extension must:
(1)  demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting;
(2)  state in full the charter to be extended;
(3)  state the period for which the charter is to be extended;
(4)  be signed and acknowledged by the president and secretary of the company;  and
(5)  be accompanied by a fee of $50.
(c)  A company whose charter is extended retains the rights, privileges, and immunities granted a county mutual insurance company by this chapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.