- (a) Subject to the bylaws of the domestic insurance company, as adopted or amended by the shareholders or directors, the board of directors has full management and control of the company.
- (b) The board consists of not fewer than five directors. A director is not required to be a shareholder unless such a qualification is required by the articles of incorporation or bylaws of the company.
- (c) The directors shall keep a full and correct record of the board's transactions. The shareholders may inspect those records during business hours.
- (d) The directors shall fill a vacancy that occurs on the board or in any office of the company.
- (e) A majority of the board is a quorum.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.