Except as authorized by section 504.1302, a corporation shall not make any distributions.
Iowa Code § 504.1301
Prohibited distributions
Known as the Revised Iowa Nonprofit Corporation Act
The act spans §§ 504–504 (189 sections).
2004 Acts, ch 1049, §135, 192
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.