A development corporation may be dissolved upon the affirmative vote of two-thirds of the votes to which the shareholders thereof shall be entitled and two-thirds of the votes to which the members shall be entitled. Upon any dissolution of a development corporation, none of the corporation’s assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.
Iowa Code § 496B.19
Dissolution
Known as the Iowa Economic Development Act
The act spans §§ 496–496 (19 sections).
[C66, 71, 73, 75, 77, 79, 81, §496B.19]
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.