2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 524 - BANKS
524.1503 - VOTING ON AMENDMENTS BY VOTING GROUPS.

        524.1503  VOTING ON AMENDMENTS BY VOTING GROUPS.
         1.  The holders of the outstanding shares of a class are entitled
      to vote as a separate voting group on a proposed amendment if the
      amendment does any of the following:
         a.  Increases or decreases the aggregate number of authorized
      shares of the class.
         b.  Increases or decreases the par value of the shares of the
      class.
         c.  Effects an exchange or reclassification of all or part of
      the shares of the class into shares of another class or effects a
      cancellation of all or part of the shares of the class.
         d.  Effects an exchange or reclassification, or creates the
      right of exchange, of all or part of the shares of another class into
      shares of that class.
         e.  Changes the designation, rights, preferences, or
      limitations of all or part of the shares of the class.
         f.  Changes the shares of all or part of the class into a
      different number of shares of the same class.
         g.  Creates a new class of shares having rights or preferences
      with respect to distributions or to dissolution that are prior,
      superior, or substantially equal to the shares of the class.
         h.  Increases the rights, preferences, or number of authorized
      shares of any class that, after giving effect to the amendment, have
      rights or preferences with respect to distributions or to dissolution
      that are prior, superior, or substantially equal to the shares of the
      class.
         i.  Limits or denies an existing preemptive right of all or
      part of the shares of the class.
         j.  Cancels or otherwise affects rights to distributions or
      dividends that have accumulated but not yet been declared on all or
      part of the shares of the class.
         2.  If a proposed amendment would affect a series of a class of
      shares in one or more of the ways described in subsection 1, the
      shares of that series are entitled to vote as a separate voting group
      on the proposed amendment.
         3.  If a proposed amendment that entitles two or more series of
      shares to vote as separate voting groups under this section would
      affect those two or more series in the same or a substantially
      similar way, the shares of all the series so affected must vote
      together as a single voting group on the proposed amendment.
         4.  A class or series of shares is entitled to the voting rights
      granted by this section although the articles of incorporation
      provide that the shares are nonvoting shares.  

         Section History: Early Form

         [C71, 73, 75, 77, 79, 81, § 524.1503] 

         Section History: Recent Form

         95 Acts, ch 148, §128