Iowa Code § 490.741
Standing
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
A shareholder shall not commence or maintain a derivative proceeding unless the shareholder satisfies both of the following:
A shareholder shall not commence or maintain a derivative proceeding unless the shareholder satisfies both of the following:
1. Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time.
1. Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time.
2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
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.