2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.632 - REACQUIRED SHARES AS ISSUED BUT NOT OUTSTANDING SHARES.

        490.632  REACQUIRED SHARES AS ISSUED BUT NOT
      OUTSTANDING SHARES.
         1.  A corporation which, as of December 30, 1989, treated any of
      its shares which it had reacquired as issued but not outstanding
      shares may continue to treat those shares as issued but not
      outstanding shares.
         2.  If a corporation reacquires its own shares after December 30,
      1989, but before January 1, 1991, those shares constitute issued but
      not outstanding shares as of and after their reacquisition if either
      of the following is applicable:
         a.  When the shares are reacquired, the articles of
      incorporation contain a provision specifying that reacquired shares
      constitute issued but not outstanding shares.
         b.  Prior to January 1, 1991, the board of directors adopts a
      resolution specifying that shares reacquired after December 30, 1989,
      and prior to January 1, 1991, constitute issued but not outstanding
      shares.
         3.  If a corporation reacquires its own shares after December 31,
      1990, those shares constitute issued but not outstanding shares if,
      at the time they are reacquired by the corporation, either of the
      following is applicable:
         a.  The articles of incorporation contain a provision
      specifying that reacquired shares constitute issued but not
      outstanding shares.
         b.  The board of directors has adopted a resolution specifying
      that reacquired shares constitute issued but not outstanding shares.

         4.  Unless otherwise provided in its articles of incorporation, a
      corporation may at any time, by resolution adopted by its board of
      directors, cancel or otherwise restore to the status of authorized
      but unissued shares any of its shares which it has previously
      reacquired and treated as issued but not outstanding shares.  

         90 Acts, ch 1205, §24; 91 Acts, ch 97, §54
         Referred to in § 490.631