496B.19 Dissolution.
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 corporation’s assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.
[C66, 71, 73, 75, 77, 79, 81, §496B.19]
Structure Iowa Code
Chapter 496B - ECONOMIC DEVELOPMENT CORPORATIONS
Section 496B.1 - Title of Act.
Section 496B.3 - Authorized corporations.
Section 496B.7 - Stock — limitations.
Section 496B.8 - Stockholders’ privileges.
Section 496B.9 - Loan procedures.
Section 496B.10 - Duration of membership.
Section 496B.11 - Powers of shareholders.
Section 496B.12 - Articles amended.
Section 496B.13 - Board of directors.
Section 496B.14 - Earned surplus set aside.
Section 496B.15 - Deposit of funds.
Section 496B.16 - Reports to department of economic development.
Section 496B.17 - Certificate to do business.