Iowa § 492.10 Cancellation of stock — reimbursement

Iowa Statutes

§ 492.10 — Cancellation of stock — reimbursement

Iowa § 492.10

Title XIIBUSINESS ENTITIES

Ch. 492CAPITAL STOCK

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Bluebook

Iowa Code § 492.10 (2026).

Text

The capital stock of any corporation issued in violation of the terms and provisions of
sections 492.5 through 492.8 shall be void, and in a suit brought by the attorney general on
behalf of the state in any court having jurisdiction, a decree of cancellation shall be entered;
andifthecorporationhasreceivedanymoneyorthingofvalueforthesaidstock, suchmoney
orthingofvalueshallbereturnedtotheindividual, firm, company, orcorporationfromwhom

it was received, and if represented by labor or other service of intangible nature, the value
thereof shall constitute a claim against the corporation issuing stock in exchange therefor.

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The capital stock of any corporation issued in violation of the terms and provisions of
sections 492.5 through 492.8 shall be void, and in a suit brought by the attorney general on
behalf of the state in any court having jurisdiction, a decree of cancellation shall be entered;
andifthecorporationhasreceivedanymoneyorthingofvalueforthesaidstock, suchmoney
orthingofvalueshallbereturnedtotheindividual, firm, company, orcorporationfromwhom

it was received, and if represented by labor or other service of intangible nature, the value
thereof shall constitute a claim against the corporation issuing stock in exchange therefor.