§ 490.1431 — Procedure for judicial dissolution

Iowa § 490.1431

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 490: BUSINESS CORPORATIONS

Text

1. Venue for a proceeding by the attorney general to dissolve a corporation lies in Polk
county. Venue for a proceeding brought by any other party named in section 490.1430,
subsection 1, lies in the county where a corporation’s principal office or, if none in this state,
its registered office is or was last located.
2. It is not necessary to make shareholders parties to a proceeding to dissolve a
corporation unless relief is sought against them individually.
3. Acourtinaproceedingbroughttodissolveacorporationmayissueinjunctions,appoint
a receiver or custodian during the proceeding with all powers and duties the court directs,
take other action required to preserve the corporate assets wherever located, and carry on
the business of the corporation until a full hearing can be held.
4. Within ten days of the commencement of a proceeding to dissolve a corporation
under section 490.1430, subsection 1, paragraph “b”, the corporation shall deliver to all
shareholders, other than the petitioner, a notice stating that the shareholders are entitled to
avoid the dissolution of the corporation by electing to purchase the petitioner’s shares under
section 490.1434, and accompanied by a copy of section 490.1434.