2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.622 - LIABILITY OF SHAREHOLDERS.

        490.622  LIABILITY OF SHAREHOLDERS.
         1.  A purchaser from a corporation of its own shares is not liable
      to the corporation or its creditors with respect to the shares except
      to pay the consideration for which the shares were authorized to be
      issued under section 490.621, or specified in the subscription
      agreement authorized under section 490.620.
         2.  Unless otherwise provided in the articles of incorporation, a
      shareholder of a corporation is not personally liable for the acts or
      debts of the corporation.  

         89 Acts, ch 288, §42
         Referred to in § 534.508