H.F. _____ Section 1. REPEAL. 2011 Iowa Acts, chapter 2, section 9, 1 is repealed. 2 EXPLANATION 3 BACKGROUND. In 2011, the 84th General Assembly enacted 4 S.F. 325 which provides for the management of a public 5 corporation, formed under the Iowa business corporation Act, 6 by its board of directors (Code chapter 490). The Act defines 7 a public corporation (Code section 490.140), and requires 8 that a public corporation divide its directors into three 9 equal groups, referred to as “classes”, elected by the public 10 corporation’s holders of common shares, with each class serving 11 staggered three-year terms (Code section 490.806A). The Act 12 also excuses certain public corporations from the staggered 13 term requirement. Finally, the Act requires that the board 14 of directors of an unexcused public corporation amend its 15 articles of incorporation to comply with the Act’s staggered 16 term requirement (Code section 490.1005A). The Act does not 17 prohibit a public or private corporation from including a 18 provision in its articles of incorporation requiring staggered 19 terms for its directors as generally allowed under the Code 20 chapter (Code section 490.806). The Act is repealed on 21 December 31, 2014. The Act’s future repeal date provides 22 for the continued applicability of the public corporation’s 23 articles of incorporation as amended. 24 BILL’S REPEAL OF ACT’S REPEAL. The bill repeals the Act’s 25 future repeal effective July 1, 2013. 26 -1- LSB 1957YC (1) 85 da/nh 1/ 1