- (a) The board of directors named in a mutual insurance company's articles of incorporation shall manage the company until the initial meeting of the members of the company.
(b) After a mutual insurance company is issued a certificate of authority, the company's board of directors may:
- (1) adopt bylaws;
- (2) accept applications for insurance; and
- (3) transact the business of the company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.