2018 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 504 - REVISED IOWA NONPROFIT CORPORATION ACT
Section 504.633 - Demand.

Universal Citation: IA Code § 504.633 (2018)

504.633

Demand.

A derivative proceeding shall not be commenced until both of the following have occurred:

1. A written demand has been made upon the corporation to take suitable action.

2. Ninety days have expired from the date the demand was made, unless the member or director has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the ninety-day period.

2004 Acts, ch 1049, §48, 192

Referred to in §504.810

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