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Iowa Code § 504.633

Demand

Known as the Revised Iowa Nonprofit Corporation Act

The act spans §§ 504–504 (189 sections).

2004 Acts, ch 1049, §48, 192

A derivative proceeding shall not be commenced until both of the following have occurred:

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 member or director 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.