2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1325 - AFTER-ACQUIRED SHARES.

        490.1325  AFTER-ACQUIRED SHARES.
         1.  A corporation may elect to withhold payment required by
      section 490.1324 from any shareholder who did not certify that
      beneficial ownership of all of the shareholder's shares for which
      appraisal rights are asserted was acquired before the date set forth
      in the appraisal notice sent pursuant to section 490.1322, subsection
      2, paragraph "a".
         2.  If the corporation elects to withhold payment under subsection
      1, it must within thirty days after the form required by section
      490.1322, subsection 2, paragraph "b", subparagraph (2), is due,
      notify all shareholders who are described in subsection 1 regarding
      all of the following:
         a.  Of the information required by section 490.1324,
      subsection 2, paragraph "a".
         b.  Of the corporation's estimate of fair value pursuant to
      section 490.1324, subsection 2, paragraph "b".
         c.  That they may accept the corporation's estimate of fair
      value, plus interest, in full satisfaction of their demands or demand
      appraisal under section 490.1326.
         d.  That those shareholders who wish to accept such offer must
      notify the corporation of their acceptance of the corporation's offer
      within thirty days after receiving the offer.
         e.  That those shareholders who do not satisfy the
      requirements for demanding appraisal under section 490.1326 shall be
      deemed to have accepted the corporation's offer.
         3.  Within ten days after receiving the shareholder's acceptance
      pursuant to subsection 2, the corporation must pay in cash the amount
      it offered under subsection 2, paragraph "b", to each shareholder
      who agreed to accept the corporation's offer in full satisfaction of
      the shareholder's demand.
         4.  Within forty days after sending the notice described in
      subsection 2, the corporation must pay in cash the amount it offered
      to pay under subsection 2, paragraph "b", to each shareholder
      described in subsection 2, paragraph "e".  

         89 Acts, ch 288, §139; 91 Acts, ch 211, §9; 2002 Acts, ch 1154,
      §86, 125
         Referred to in § 490.1301, 490.1323, 490.1324, 490.1326, 490.1330,
      490.1331