2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.623 - SHARE DIVIDENDS.

        490.623  SHARE DIVIDENDS.
         1.  Unless the articles of incorporation provide otherwise, shares
      may be issued pro rata and without consideration to the corporation's
      shareholders or to the shareholders of one or more classes or series.
      An issuance of shares under this subsection is a share dividend.
         2.  Shares of one class or series shall not be issued as a share
      dividend in respect of shares of another class or series unless one
      or more of the following conditions are met:
         a.  The articles of incorporation so authorize.
         b.  A majority of the votes entitled to be cast by the class
      or series to be issued approve the issue.
         c.  There are no outstanding shares of the class or series to
      be issued.
         3.  If the board of directors does not fix the record date for
      determining shareholders entitled to a share dividend, it is the date
      the board of directors authorizes the share dividend.  

         89 Acts, ch 288, §43
         Referred to in § 534.508