Iowa § 496C.10 Issuance of shares

Iowa Statutes

§ 496C.10 — Issuance of shares

Iowa § 496C.10

Title XIIBUSINESS ENTITIES

Ch. 496CPROFESSIONAL CORPORATIONS

This text of Iowa § 496C.10 (Issuance of shares) 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 § 496C.10 (2026).

Text

1.Shares of a professional corporation may be issued, and treasury shares may be disposed of, only to individuals who are licensed to practice in this state, or in any other state or territory of the United States or in the District of Columbia, a profession which the corporation is authorized to practice.

2.Unless otherwise provided in the articles of incorporation or bylaws, the affirmative voteorconsentinwritingofalloftheoutstandingshareholdersentitledtovote, orsuchlesser proportion as may be provided in the articles or bylaws, is necessary in order to authorize the issuance of any shares or the disposal of any treasury shares, and to fix the consideration for shares or treasury shares.

3.No shares of a professional corporation shall at any time be issued in, transferred into, or hel

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1. Shares of a professional corporation may be issued, and treasury shares may be
disposed of, only to individuals who are licensed to practice in this state, or in any other
state or territory of the United States or in the District of Columbia, a profession which the
corporation is authorized to practice.
2. Unless otherwise provided in the articles of incorporation or bylaws, the affirmative
voteorconsentinwritingofalloftheoutstandingshareholdersentitledtovote, orsuchlesser
proportion as may be provided in the articles or bylaws, is necessary in order to authorize
the issuance of any shares or the disposal of any treasury shares, and to fix the consideration
for shares or treasury shares.
3. No shares of a professional corporation shall at any time be issued in, transferred
into, or held in joint tenancy, tenancy in common, or any other form of joint ownership or
co-ownership.
4. The Iowa securities law, chapter 502, shall not be applicable to nor govern any
transaction relating to any shares of a professional corporation.