There is a newer version of the Iowa Code
2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.741 - STANDING.
490.741 STANDING.
A shareholder shall not commence or maintain a derivative
proceeding unless the shareholder satisfies both of the following:
1. Was a shareholder of the corporation at the time of the act or
omission complained of or became a shareholder through transfer by
operation of law from one who was a shareholder at that time.
2. Fairly and adequately represents the interests of the
corporation in enforcing the right of the corporation. Section History: Recent Form
2002 Acts, ch 1154, §24, 125
Referred to in § 490.809
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