Iowa Code § 504.633
Demand
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
A derivative proceeding shall not be commenced until both of the following have occurred:
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.
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.
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.
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.