§ 524.537 — Quorum of shareholders

Iowa § 524.537

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

1. Unless otherwise provided in the articles of incorporation, a majority of the shares
entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of
shareholders. If a quorum is present, the affirmative vote of the majority of the shares
represented at the meeting and entitled to vote on the subject matter shall be the act of the
shareholders, unless the vote of a greater number or voting by classes is required by the
laws of this state or of the United States or by the articles of incorporation or bylaws.
2. Once a share is represented for any purpose at a meeting, it is deemed present for the
purpose of determining a quorum for the remainder of the meeting and for any adjournment
of that meeting unless a new record date is or must be set for that adjourned meeting.
3. If a quorum is present, the affirmative vote of the majority of the shares represented
at the meeting and entitled to vote on the subject matter shall be the act of the shareholders,
unless the vote of a greater number or voting by classes is required by the laws of this state
or of the United States or by the articles of incorporation or bylaws. This requirement does
not apply to the election of directors as provided in section 524.538, subsection 4.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.512]