§ 495.6 — Dissolution — receiver

Iowa § 495.6

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 495: FOREIGN PUBLIC UTILITY CORPORATIONS

Text

Courts of equity shall have full power to dissolve, close up, or dispose of any business
or property owned, operated, or controlled in violation of the provisions of this chapter; to
dissolve any corporation owning or controlling the capital stock of any other corporation
in violation of the provisions of this chapter and to close up or dispose of the business or
property of said corporation; and if the court finds that, in order to carry out the purposes of
this chapter, it is necessary so to do, it may dissolve the corporation issuing the stock which is
owned in violation of the provisions of this chapter, close up the business of said corporation
and dispose of its property, and the court may also appoint a receiver who shall be a resident
ofIowaforanybusinessorforanycorporationwhichhasviolatedtheprovisionsthereoforof
the corporation issuing the stock which is held in violation thereof. Any action to enforce the
provisions of this chapter may be instituted by the attorney general in the name of the state
of Iowa or by a citizen in the name of the state of Iowa at the citizen’s own proper cost and
expense, reserving, however, to the stockholders owning capital stock not held in violation
of this chapter all rights possessed by them.

Legislative History

[S13, §1641-q; C24, 27, 31, 35, 39, §8438; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §495.6]