Iowa Code § 490.742
Demand
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2015
As of January 1, 2012
A shareholder shall not commence a derivative proceeding until both of the following have occurred:
A shareholder shall not commence a derivative proceeding until both of the following have occurred:
1. A written demand has been made upon the corporation to take suitable action.
1. A written demand has been made upon the corporation to take suitable action.
2. Ninety days have expired from the date the demand was made, unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the ninety-day period.
2. Ninety days have expired from the date delivery of the demand was made, unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the ninety-day period.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.