Iowa § 496B.13 Board of directors

Iowa Statutes

§ 496B.13 — Board of directors

Iowa § 496B.13

Title XIIBUSINESS ENTITIES

Ch. 496BECONOMIC DEVELOPMENT CORPORATIONS

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Bluebook

Iowa Code § 496B.13 (2026).

Text

1.The board of directors shall consist of such number not less than fifteen as shall be determined in the first instance by the incorporators and thereafter annually by the members and the shareholders at each annual meeting or at any special meeting held in lieu of the annual meeting. At each annual meeting or at any special meeting held in lieu of the annual meeting, the members of each corporation shall elect two-thirds of the board of directors and the shareholders shall elect the remaining directors. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after their election, and until their successors are elected and qualify unless sooner removed inaccordancewiththeprovisionsofthebylaws. Anyvacancyintheo

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1. The board of directors shall consist of such number not less than fifteen as shall be
determined in the first instance by the incorporators and thereafter annually by the members
and the shareholders at each annual meeting or at any special meeting held in lieu of the
annual meeting. At each annual meeting or at any special meeting held in lieu of the annual
meeting, the members of each corporation shall elect two-thirds of the board of directors and
the shareholders shall elect the remaining directors. The directors shall hold office until the
next annual meeting of the corporation or special meeting held in lieu of the annual meeting
after their election, and until their successors are elected and qualify unless sooner removed
inaccordancewiththeprovisionsofthebylaws. Anyvacancyintheofficeofadirectorelected
by the members shall be filled by the directors elected by the members, and any vacancy in
the office of a director elected by the shareholders shall be filled by the directors elected by
the shareholders.
2. Notwithstanding any provisions of law to the contrary, officers and directors of
insurance companies and other financial institutions may be members of the board of
directorsofanycorporationorganizedforthepurposesofthischaptertowhichtheinsurance
company or other financial institution may make a loan or may make an investment.