Iowa Code § 490.1201
Disposition of assets not requiring shareholder approval
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2023
As of January 1, 2012
No approval of the shareholders is required to do any of the following, unless the articles of incorporation otherwise provide:
1. To sell, lease, exchange, or otherwise dispose of any or all of the corporation’s assets in the usual and regular course of business.
1. Sell, lease, exchange, or otherwise dispose of any of the corporation’s assets in the usual and regular course of business.
2. To mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation’s assets, whether or not in the usual and regular course of business.
2. Mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation’s assets, regardless of whether in the usual and regular course of business.
3. To transfer any or all of the corporation’s assets to one or more corporations or other entities, all of the shares or interests of which are owned by the transferring corporation.
3. Transfer any or all of the corporation’s assets to one or more domestic or foreign corporations or other entities, all of the shares or interests of which are owned by the corporation.
4. To distribute assets pro rata to the holders of one or more classes or series of the corporation’s shares.
4. Distribute assets pro rata to the holders of one or more classes or series of the corporation’s shares.
89 Acts, ch 288, §129; 2002 Acts, ch 1154, §76, 125
89 Acts, ch 288, §129; 2002 Acts, ch 1154, §76, 125; 2021 Acts, ch 165, §156, 230
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.