2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523 - ELECTIONS AND INSIDER TRADING
523.8 - PROFIT IN TRADING STOCK TO INURE TO COMPANY.

        523.8  PROFIT IN TRADING STOCK TO INURE TO COMPANY.
         For the purpose of preventing the unfair use of information which
      may have been obtained by such beneficial owner, director or officer
      by reason of the relationship to such company, any profit realized by
      the beneficial owner, director or officer from any purchase and sale,
      or any sale and purchase, of any equity security of such company
      within any period of less than six months, unless such security was
      acquired in good faith in connection with a debt previously
      contracted, shall inure to and be recoverable by the company,
      irrespective of any intention on the part of such beneficial owner,
      director or officer in entering into such transaction of holding the
      security purchase or of not repurchasing the security sold for a
      period exceeding six months.  Suit to recover such profit may be
      instituted at law or in equity in any court of competent jurisdiction
      by the company, or by the owner of any security of the company in the
      name and in behalf of the company if the company shall fail or refuse
      to bring such suit within sixty days after request or shall fail
      diligently to prosecute the same thereafter; but no such suit shall
      be brought more than two years after the date such profit was
      realized.  This section shall not be construed to cover any
      transaction where such beneficial owner was not such both at the time
      of the purchase and sale, or the sale and purchase, of the security
      involved, or any transaction or transactions which the commissioner
      by rules and regulations may exempt as not comprehended within the
      purpose of this section.  

         [C66, 71, 73, 75, 77, 79, 81, § 523.8]
         Referred to in § 523.10, 523.11, 523.12, 523.13, 523.14