Title XII, BUSINESS ENTITIES (Ch. 486 - 504C)

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 m…

Each year each development corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital stock then outstanding. Whenever the am…

No development corporation shall deposit any of its funds in any financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at any authorized meeting of the board of directors exclusive of any director who is…

Upon the approval of the authority as required in this chapter and the issuance of a certificate as provided in the Iowa business corporation Act, chapter 490 , a development corporation shall then be authorized to commence business and to issue stock thereof to the extent author…

A development corporation may be dissolved upon the affirmative vote of two-thirds of the votes to which the shareholders thereof shall be entitled and two-thirds of the votes to which the members shall be entitled. Upon any dissolution of a development corporation, none of the c…

As used in this chapter , unless the context otherwise requires, the term: 1. “Authority” means the economic development authority created in section 15.105 , or any entity which succeeds to the functions of the authority. 2. “Board of directors” means members of the board of dir…

Under no circumstances is the credit of the state of Iowa pledged herein. [C66, 71, 73, 75, 77, 79, 81, §496B.20 ]

There is hereby authorized to be incorporated under the Iowa business corporation Act, chapter 490 , development corporations which meet and comply with the requirements of this chapter . Such corporations shall be subject to and have the powers and privileges conferred by the pr…

A development corporation may have offices in such places within the state of Iowa as may be fixed by the board of directors. [C66, 71, 73, 75, 77, 79, 81, §496B.4 ]

The purposes of a development corporation shall be limited to those provided in this section and shall be to promote, stimulate, develop and advance the business prosperity and economic welfare of the state of Iowa and its citizens; to encourage and assist through loans, investme…

Any development corporation shall, subject to the restrictions and limits herein contained, have the following powers: 1. To make contracts and incur liabilities for any of the purposes of the development corporation; provided that no development corporation shall incur any secon…

Capital stock shall be issued only on receipt by each development corporation of cash in such amount not less than the par value thereof as may be determined by the board of directors. No shareholder of any development corporation shall be entitled as of right to purchase or subs…

Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective articles of incorporation, agreements of association, or trust indentures: 1. Any person, as defined in the Iowa business corporation Act, chapter 490 , is h…

A financial institution may request membership in a development corporation by making application to the board of directors thereof on such form and in such manner as such board of directors may require, and membership shall become effective upon acceptance of such application by…