2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1323 - PERFECTION OF RIGHTS -- RIGHT TO WITHDRAW.

        490.1323  PERFECTION OF RIGHTS -- RIGHT TO WITHDRAW.

         1.  A shareholder who receives notice pursuant to section 490.1322
      and who wishes to exercise appraisal rights must certify on the form
      sent by the corporation whether the beneficial owner of such shares
      acquired beneficial ownership of the shares before the date required
      to be set forth in the notice pursuant to section 490.1322,
      subsection 2, paragraph "a".  If a shareholder fails to make this
      certification, the corporation may elect to treat the shareholder's
      shares as after-acquired shares under section 490.1325.  In addition,
      a shareholder who wishes to exercise appraisal rights must execute
      and return the form and, in a case of certificated shares, deposit
      the shareholder's certificates in accordance with the terms of the
      notice by the date referred to in the notice pursuant to section
      490.1322, subsection 2, paragraph "b", subparagraph (2).  Once a
      shareholder deposits that shareholder's certificates or, in the case
      of uncertificated shares, returns the executed forms, that
      shareholder loses all rights as a shareholder, unless the shareholder
      withdraws pursuant to subsection 2.
         2.  A shareholder who has complied with subsection 1 may
      nevertheless decline to exercise appraisal rights and withdraw from
      the appraisal process by so notifying the corporation in writing by
      the date set forth in the appraisal notice pursuant to section
      490.1322, subsection 2, paragraph "b", subparagraph (5).  A
      shareholder who fails to so withdraw from the appraisal process shall
      not thereafter withdraw without the corporation's written consent.
         3.  A shareholder who does not execute and return the form and, in
      the case of certificated shares, deposit the shareholder's share
      certificates where required, each by the date set forth in the notice
      described in section 490.1322, subsection 2, shall not be entitled to
      payment under this division.  

         89 Acts, ch 288, §137; 2002 Acts, ch 1154, §84, 125; 2003 Acts, ch
      44, §86
         Referred to in § 490.1301, 490.1322, 490.1324