2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1324 - PAYMENT.

        490.1324  PAYMENT.
         1.  Except as provided in section 490.1325, within thirty days
      after the form required by section 490.1322, subsection 2, paragraph
      "b", subparagraph (2), is due, the corporation shall pay in cash
      to those shareholders who complied with section 490.1323, subsection
      1, the amount the corporation estimates to be the fair value of their
      shares, plus interest.
         2.  The payment to each shareholder pursuant to subsection 1 must
      be accompanied by all of the following:
         a.  Financial statements of the corporation that issued the
      shares to be appraised, consisting of a balance sheet as of the end
      of a fiscal year ending not more than sixteen months before the date
      of payment, an income statement for that year, a statement of changes
      in shareholders' equity for that year, and the latest available
      interim financial statements, if any.
         b.  A statement of the corporation's estimate of the fair
      value of the shares, which estimate must equal or exceed the
      corporation's estimate given pursuant to section 490.1322, subsection
      2, paragraph "b", subparagraph (3).
         c.  A statement that shareholders described in subsection 1
      have the right to demand further payment under section 490.1326 and
      that if any such shareholder does not do so within the time period
      specified therein, such shareholder shall be deemed to have accepted
      the payment to the shareholder pursuant to subsection 1 in full
      satisfaction of the corporation's obligations under this chapter.  

         89 Acts, ch 288, §138; 2002 Acts, ch 1154, §85, 125; 2003 Acts, ch
      44, §87
         Referred to in § 490.1301, 490.1325, 490.1326, 490.1331, 524.1406