2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1430 - GROUNDS FOR JUDICIAL DISSOLUTION.

        490.1430  GROUNDS FOR JUDICIAL DISSOLUTION.
         The district court may dissolve a corporation in any of the
      following ways:
         1.  A proceeding by the attorney general, if it is established
      that either of the following apply:
         a.  The corporation obtained its articles of incorporation
      through fraud.
         b.  The corporation has continued to exceed or abuse the
      authority conferred upon it by law.
         2.  A proceeding by a shareholder if it is established that any of
      the following conditions exist:
         a.  The directors are deadlocked in the management of the
      corporate affairs, the shareholders are unable to break the deadlock,
      and either irreparable injury to the corporation is threatened or
      being suffered, or the business and affairs of the corporation can no
      longer be conducted to the advantage of the shareholders generally,
      because of the deadlock.
         b.  The directors or those in control of the corporation have
      acted, are acting, or will act in a manner that is illegal,
      oppressive, or fraudulent.
         c.  The shareholders are deadlocked in voting power and have
      failed, for a period that includes at least two consecutive annual
      meeting dates, to elect successors to directors whose terms have
      expired.
         d.  The corporate assets are being misapplied or wasted.
         3.  A proceeding by a creditor if it is established that either of
      the following apply:
         a.  The creditor's claim has been reduced to judgment, the
      execution on the judgment returned unsatisfied, and the corporation
      is insolvent.
         b.  The corporation has admitted in writing that the
      creditor's claim is due and owing and the corporation is insolvent.
         4.  A proceeding by the corporation to have its voluntary
      dissolution continued under court supervision.  

         89 Acts, ch 288, §156
         Referred to in § 490.304, 490.1431, 490.1433, 490.1434