1. (a) Nine or more persons who are residents of this state may form a mutual life insurance company by executing and acknowledging articles of incorporation for that purpose.

2. (b) The articles of incorporation of the proposed company must state:

   1. (1) the name and residence of each incorporator;
   2. (2) the name of the company;
   3. (3) the location of the company's principal office at which company business is to be transacted;
   4. (4) the number of directors;
   5. (5) the name and residence of each initial director; and
   6. (6) the amount of the company's unencumbered surplus.

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