Iowa § 490.861 Judicial action

Iowa Statutes

§ 490.861 — Judicial action

Iowa § 490.861

Title XIIBUSINESS ENTITIES

Ch. 490BUSINESS CORPORATIONS

This text of Iowa § 490.861 (Judicial action) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 490.861 (2026).

Text

1.A transaction effected or proposed to be effected by the corporation, or by an entity controlled by the corporation, shall not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director of the corporation, in a proceeding by a shareholder or by or in the right of the corporation, on the ground that the director has an interest respecting the transaction, if it is not a director’s conflicting interest transaction.

2.A director’s conflicting interest transaction shall not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director of the corporation, in a proceeding by a shareholder or by or in the right of the corporation, on the ground that the director has an interest respecting the tr

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1. A transaction effected or proposed to be effected by the corporation, or by an entity
controlled by the corporation, shall not be the subject of equitable relief, or give rise to an
award of damages or other sanctions against a director of the corporation, in a proceeding
by a shareholder or by or in the right of the corporation, on the ground that the director has
an interest respecting the transaction, if it is not a director’s conflicting interest transaction.
2. A director’s conflicting interest transaction shall not be the subject of equitable relief,
or give rise to an award of damages or other sanctions against a director of the corporation,
in a proceeding by a shareholder or by or in the right of the corporation, on the ground that
the director has an interest respecting the transaction, if any of the following apply:
a. Directors’ action respecting the transaction was taken in compliance with section
490.862 at any time.
b. Shareholders’ action respecting the transaction was taken in compliance with section