Iowa General Assembly Banner

490.1326 Failure to take action.

1. If the corporation does not take the proposed action within sixty days after the date set for demanding payment and depositing share certificates, the corporation shall return the deposited certificates and release the transfer restrictions imposed on uncertificated shares.

2. If after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters' notice under section 490.1322 as if the corporate action was taken without a vote of the shareholders and repeat the payment demand procedure.

Section History: Recent form

89 Acts, ch 288, §140; 91 Acts, ch 211, §10

Internal References

Referred to in § 490.1301, 490.1324, 490.1331

Return To Home Iowa General Assembly

index Search: Iowa Code 1997

© 1997 Cornell College and League of Women Voters of Iowa


Last update: Mon Jan 27 16:05:08 CST 1997
URL: /DOCS/IACODE/1997/490/1326.html