1. (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.

2. (b) The application for an extension must:

   1. (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. (2) state in full the charter to be extended;
   3. (3) state the period for which the charter is to be extended;
   4. (4) be signed and acknowledged by the president and secretary of the company; and
   5. (5) be accompanied by a fee of $50.
3. (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.