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Amending Subsection (b), Section 3; Subsection (d), Section 4; Subsection (a), Section 5, and adding a new Subsection (h) to Section 1, Chapter 213, Acts of the 54th Legislature, Regular Session, 1955 (Article 21.07-1, Vernon's Texas Insurance Code); providing for the payment of commissions to partnerships and to professional corporations whose shareholders are duly licensed as life insurance agents; prohibiting payments or distributions or acceptance of certain payments except in accordance with this Act; defining the word "person"; providing for certification that members of such corporations are primarily life insurance agents; providing necessary qualifications for persons to be licensed as insurance agents; providing penalties for violation of certain provisions; naming the classifications of those license holders who may participate in such a corporation; exempting certain partnerships and corporations from requirement of taking written examinations; providing for licensure of partnerships and corporations; repealing Article 21.05 of the Insurance Code and all other laws in conflict; and declaring an emergency.