A corporation may engage in business as a statewide mutual assessment company only if the corporation:

1. (1) was incorporated in this state under a law that was amended, repealed, or reenacted before June 20, 1933;
2. (2) was engaged in business as a statewide mutual assessment company in this state on December 31, 1932;
3. (3) does not have capital stock; and
4. (4) is not for profit.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.