Iowa § 496C.19 Dissolution or liquidation

Iowa Statutes

§ 496C.19 — Dissolution or liquidation

Iowa § 496C.19

Title XIIBUSINESS ENTITIES

Ch. 496CPROFESSIONAL CORPORATIONS

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Bluebook

Iowa Code § 496C.19 (2026).

Text

Violation of any provision of this chapter by a professional corporation or any of
its shareholders, directors, or officers shall be cause for its involuntary dissolution, or
liquidation of its assets and business by the district court, as provided in the Iowa business
corporation Act, chapter 490. Upon the death of the last remaining shareholder of a
professional corporation, or whenever the last remaining shareholder is not licensed or
ceases to be licensed to practice in this state a profession which the corporation is authorized
to practice, or whenever any person other than the shareholder of record becomes entitled
to have all shares of the last remaining shareholder of the corporation transferred into that
person’s name or to exercise voting rights, except as a proxy, with respect t

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Violation of any provision of this chapter by a professional corporation or any of
its shareholders, directors, or officers shall be cause for its involuntary dissolution, or
liquidation of its assets and business by the district court, as provided in the Iowa business
corporation Act, chapter 490. Upon the death of the last remaining shareholder of a
professional corporation, or whenever the last remaining shareholder is not licensed or
ceases to be licensed to practice in this state a profession which the corporation is authorized
to practice, or whenever any person other than the shareholder of record becomes entitled
to have all shares of the last remaining shareholder of the corporation transferred into that
person’s name or to exercise voting rights, except as a proxy, with respect to such shares,
§496C.19, PROFESSIONAL CORPORATIONS 8
the corporation shall not practice any profession and it shall either be promptly dissolved or
shall promptly elect to adopt the provisions of the Iowa business corporation Act, as provided
in section 490.1801, subsection 2. However, if prior to such dissolution all outstanding
shares of the corporation are acquired by one or more persons licensed to practice in this
state a profession which the corporation is authorized to practice, the corporation need not
be dissolved and may practice the profession as provided in this chapter.